финансы и инвестицииДокумент Всемирного банкаИнформационный центр в России

РОССИЙСКАЯ ФЕДЕРАЦИЯ

Банковская системав переходный период

PEr1HOHAJIbHbIE IHCCJIEAOBAHHM BCEMHPHOrO r.AHKA

> OCCIIY

BaBKoBcKaff cHcTeMaB Cepexo,)IH-bIH HepHo,L

BceMIIpIn 6a_nrBammrroii, OKpyr KoayM6

* Mexc uHapoAHuLN 6aHK peKOHcTpyKNHH H pa3BHTHS1/BceMHpHLIft 6aHK, 1993

1818 H Street, N.W.Washington, D.C. 20433, U.S.A.

Bce npaBa coxpaHeHbLI

noAroToBjieHO B CoeAHHeHHbIx lITaTax AMepHKH

rlepBoe W3AaHHe Ha aHrJiHiCKoM i3hKe - AeKa6p. 1993 r.

rlepBoe H3AaHHe Ha PYCCKOM K3blKe - 4leBpajTb 1993 r.

PerOHa6bHbIe HCCJieAOBaHHA BceMHpHoro 6aHKa BXOAS[T B 'HCJIO oTqeToB, UnepBoHaajuzHo

noArOTOB3eHHbix aim cnyxKe6Horo nojib3oBaHSx B xoAe segyu4eNcR B BaHKe aHaIrTHwecKof pa6oTm

no H3y'eH1o 3KoHoMHT4ecKHx H nPO'NX YCJIOBHNN B pa3BHBa3OUIuxcA cTpaHax-tsieHax, a TaKxe B

paMKax Amanora C npaBHTeJIbCTBaMH 3THX CTpan. PSIA oTqeTOB B HacTosU.ei CepNN Ry6AHKyOTcA c

MNHHMajibHoA 33aAep)KKoA H npeAHa3Ha'aeTcs3 1 Aii paiBHTejibcTBeHHbaX OpraHOB, Hay'HbIX, AejioBbIX H

4HHaHcOBUlX KpyroB, a TaKwKe ASIi OpraHH3alwA, peiuaioUE1X BOllPOCl pa3BHTHA. B CBX3H C 3THM

PYKOnHCb HacTOAgerO HCCJieAOBaHHK He 6bma noAroToBneHa B COOTBeTCTBNH C HOpMaMH

ny6JIHKOBaHSK o4exmHajIbHbEX TeKCToB, H BceMHpHbiA 6aHK He HeceT oTBeTcTBeHHocTH 3a OIuH6KH.

BceMHpHbrA 6aHK He rapaHTHpyeT npaBHJNbHOCTh coAepxcaiiwxcx B HaCTOX1IeM H3AaHHx AaHHElX H

He HeceT OTBeTCTBeHHOCTH 3a KaKHe-nH6o nOCJieACTBHS HcUoah3oBaHKa sTHx AaHHLix. KapTBm

conpoBoXAcalougHe TeKCT, fOArOTOBJIeHbl HcKKJIoIHTeJIbHo AxiA yAO6CTBa nomI3oBaHHA, H npHBoARDMe

B HHX o6O3HaqeHANx H cBeAeHH He 3aKjnoqa1IT B ce6e ByLpaxceHHe MHeHH1 BceMHpHoro 6aHKa, ero

HmaHanOB, HpeKTopaTa HuIH CTpaH-MnieHOB OTHOCHTeJIbHO lopHAH'ecKoro cTaTyca KaKoA-11H6o

CTpaHbI, TePPHTOpHH, ropoAa HnH paioHa, Hx opraHoB BnaCTH, pacnoKoxceHNx rpaHA HNim

rocyAapCTBeHHON nppHaAnexcHocTm.

MaTepHanbl HacToxKuero H3AaHHA 3aKpenjieHbi aBTopcKHMH npaBaMH. 3a pa3peuieHuem Ha

nepene'IaTKy oTAebuHbIx MaTepHaBjoB cuiexyeT o6paLuaTbcA B H3AaTem6cKNkN oTTeji no aApecy,

YKa3aHHOMy B B BbIUenpHBeAeHHOM yBeOAMomeHHH o6 aBTOpCKHX npaBax. BceMNpHwLA 6aHK

npHBeTCTBYeT pacnpoCTpaHeHHe ny6jIKyeMbIx HM MaTepHafoB N pa3peCieHHC Ha nepeneqaTKy

BbIaeTC, KaBK npaBHjio, 6e3 3aAepxKeK, a B cny"ae HeKOMMepqeCKoro HcnomI3OBaHHH - 6ecnnaTHo.

Pa3peuieHHe Ha KonimpoBaHHeH MaTepHaOB B yqe6Hux 4emax MOxKHO noy'NHTL no aApecy Copyright

Clearance Center, 27 Congress Street, Salem, Massachusetts 01970, U.S.A.

fonHb1N nepeeHb paHee H3AaHHLD[ ny6JIHKagtH BceMHpHOrO BaHKa IIpHBOAHTCA B exceroAHoM

BLETYCKe Index of Publications, BKinotaioLueM aan4baBHTHbEA yKa3aTenE Bcex ny6nHKaLWHA no

3arJIaBHlo, aBTopy, CTPaHaM H perHoHaM, npemeTHEER yKa3aTemb, a TaKJKe HH4)OPMa1UnH o

npHo6peTeHHH I1Y6JIHKaUHfk. 3a 6ecruIaTHbrM K3eMnjiApoM nocuIeAHero BbLYCKa Index of

Publications cie,AyeT o6pauaTLCS no aApecy Distribution Unit, Office of the Publisher, Department

F, The World Bank, 1818 Street, N.W., Washington, D.C. 20433, U.S.A. HHH no aApecy

Publications, The World Bank,, 66, avenue d'Idna, 75116 Paris, France.

ISSN: 0253-2123

Library of Congress Cataloging-in-Publication Data

Lamdany, Ruben, 1954-Russia: the banking system during transition.

p. cm. - (A World Bank country study)"This report was prepared by Ruben Lamdany and it is based on the

work of two World Bank missions."ISBN 0-8213-2754-21. Banks and banking-Russia (Federation) 2. Finance-Russia

(Federation) 3. Post-communism-Russia (Federation)I. International Bank for Reconstruction and Development.II. Title. III. Series.HG3130.2.A6L35 1993332.1'0947-dc2O 93-44834

CIP

iii

IIpeAiicjxoBHe

HacTomnHi AOKnaA, rIOgrOTOBJIeHHbIlk Py6eHoM JIaMJaHH, OCHOBaH Ha pe3yJIbTaTaX pa6oTmABYX MHCCHUi BceMHPHoro 6aHKa. rIePBaA H3 HHX, KOTOPYIO BO3riaBISUi MaHyajm XHHAc,noceTma PoccHio B ceHTr6pe 1992 roga, a BTOpaA - PYKOBOXHTeJIeM KOTOpOA 6bDIJ Py6eHJIaMgaHH - nfO6LIBaJia B MOCKBe B AHBape 1993 roAa. HHxenepe'IHcneHHme rraTHbIeCOTPY,HHH H KOHCYjThTaHThI BaHKa BXOXHVIH B COCTaB YIIOMSAHYTbIX MHCCH HimY,aCTBOBaJIH B rIOArOTOBKe goKJIaga P. BapHeyc, M. Eniexep, C. Bnirgep, JI. cDpeRcmaH,K. DyicyH, M. Foyn,r, T. Kpay3e, r,. JIexiy, K. JIeBypini, P. JIeBHH, M. JIoHr, Al. MaKHoToH,10. MHIHep, B. PeHO, (. Ca=aHHA, Y. CefMaH, A. IMIeHr, C. CyHaMypa. C. Teu H XH .TypeA. rIOMOIIUb B COCTaBJIeHHH AoKonaixa OKa3aJMI TaKxKe K (PaH, (D. MoHTe-Herpe, X.JIeBHH, H. Jh6epMaH, A. Hejimic, r. rIon, E Pygga-Ca6aTep, II. 3Hrerm6ayM H II.BHefpa Ala KyHus.

iv

KPATKOE COREPWAHHE ............................... v

1. BBF4E HHE .................. .......... 1

2. 0HHAHCOBA2 CHCTEMA H 3KOHOMHXECKAS PEDOPMA ............. 3

3. OHIHCAHHE POCCHfCKOR BAHKOBCKOfR CHCTEMbl: COBPEMEHHOECOCT'OSHHE .8..8

AeHexHo-KpeAmTHas HOJIHTHxCa UeHTpaJIbHoro 6aHKca Poccu ......... 8

CHcTeMa KoMMepqecicx 6aHKOB ... 10

HpHHuIn KiaCCH4HMKaWmH KommepqecKUx 6aHK ..o..... 17

TpH KpynHelmux cneuu 3poaHHB X6aHKa ............ 19

4. PEGOPMA BAHKOBCKOF CEKTOPA: CPEMHECPOMHAA CTPATEIA .... 26UeHTpaabHbil 6aHK POCCHH: KpeA1THo-AeHexHasz fojflIHK ......... 26CTpaTermsl KoMMepqecxnx 6aKoB. 30Pom C6eperaTenbHoro 6aHKa. 40Peopraim3aflI AeqTenJbHOCTU IpoMcTpofl6aHKa ...... 41

5. PA3BHTHE IHHAHCOBOR fHHPACTPYKTYPbl .................... 43npaBoBbieOCHOBbl ...................................... 43ByxraJITepcKuia yMeTm ayaHTOpCKaS npoBepKa ........ .......... 46PeryjuIpoBaEie u Haz3op ................................. 48noJro'oBKa 6aHKoBcKux KaApoB ............. ................ 51PacqerHas cHcTeMa .................................... . 53CTpaxoBaHHe BKjiaAOB ................................... 57

6. OTPACJEBOE KPEjHTOBAHHE ................................ 59Bo3HuKHoBeHue 6aHKOB pa3sBHTH H4 4NHaHcHpoBaHme usecTuiit ...... 59OUHaHC*pOBaHUe uxaKHiUHoro cewropa ........................ 03KpeAHTOBaHHe cenbcKoro xo03acTBa ........fl................. 67

rPHJIOnmEHHE: POCCHflCKHfR PBIHOK UEHHbIX BYMAr ................. . 73

V

KPATKOE COJIEPXCAHHE

B HacToxiiem goKinage o6cyxgaxOTCc peCPOPMbl, KOTOPbIe Heo6xogHMonpoBecTH, 'Tro6Bi 6aHKOBCKH ceiKTop PoccHH Mor 6oJIee 93(p(eKTHBHO BbInOHTS6 CBOEOPOJI1 B pBIHOWHOA 9KOHOMHKe, B qaCTHoCTH, B MO6WM3agHH (DHHaHCOBMIX c6epexeHHA,Pa3MeCieHHH pecypcoB H o6pa6oTxe niaTe)KHbIx AOKyMeHTOB. OCHOBHoe BHHMaHHe BAroKnage yAeAseTcA riepcneKTHBe 6nHxaf umx Tpex-ILHTH neT.

ii. Pe4)opmii 6aHKOBCKOrO ceKropa AOxKHLi 6mrrm 6HTerpHPOBaH6I B o6ie-5KOHOMHIxeCKV1O CTDaTerHIO YCOBepmeHCTBOBaHHA pa3MeuxeHHA pecypCOB. IlOXAo6HaxcTpaTerHs gronKHa BKJIHO'aThb pagEHOHMan3iLxHio rocyAapCTBeHHXIX cy6cHrnf H ApyrHx4JHHaHCOBbIX cpeXCTB, HanpaBBJIeMbIX B ceKTop rocyapCeBeHHbIX ripeHpR . HOMHMOcoKpawueHHSI o6uiero o6feMa nepexaBaeMbix cpeAcTB, pOCCHfICKoe npaBHTesJCTBO AOXCKHOocyigecTBeIsm riepepacnpexejieHHe peCypCOB C rIOMOUJBIO TaKHX HHCTpyMeHTOB, KOTOPbIeHe BJIH311OT Ha CHCTeMy ixeH H He CTHpaEoT pa3fllqHf MmeXAY 3aE1MaMH H XOTalAMH.flpaBHTeJmCTBy cieAyeT TaK)Ke C03gaTb COOTBeTCTBYEOLHe HHCTHTYTbI H pa3pa6oTamripaBOBbIe OCHOBbI, onpeAeAisnowHe npaBa co6CmBeHHocTH H rapaHTHpyIOIHe HXco6jioxeHHe. rlpeo6pa3oBaHHA MHOrHX acrieiToB pOCCHACKO 9KOHOMHK, H B qacTHoCmpa3BHTHe 6aHKOBCKOff cHcTeMbI, TOPM033ITCA H3-3a HeCTa6HMHOCTH MaKpO9KOHOMHqeCKOICHTYaiuH4. B HaCTOAieM oKiiaje He PaCCMaTPH4BaeTCA BOnlPOC pa3pa6oTKH BbI3BIBamOJeHAOBepHe rIpOrpaMMbi CTa6tJH3aMH. OAHaKO, B HeM i-iogepKHBaeTCS, tqTO BO MHOrHXcTpaHax KPH3HCMI 4HHaHCOBorO ceKTopa BO3HHKaJIH BO BpeMs HJIH BCjieA 3a IIepHOAaMHBbICOKOH HH4MAWMH.

iii. H-pexlnaraeMas B HaCTSoAIeM AOKnaAe cTpaTerHA BKJTIOYaeT B ce6s TPH OCHOBHbIXKOMnOHeHTa

* rlocTeneHHoe CBepThIBaHHe ieiTpaJIM3OBaHHbiX Kpe,>TOB

* Ho BLIfBIeHHe HageXHOCTH H q4"eKTHBHOCTH CrCTeMLI KoMMepqecKHX6aHKOB riyTeM CO3,RaHHS HOBOro CnOM "XOPOUHX" 6aHKOB (nporpamma"6aHKoB MexgYHaPoAH6IX cTaHAaPTOB" - lMC)

PeopraHH3agHio KpyflHbIX CneiLaHAH3HPOBaHHbIX 6aHKoB.

B AoiKna1ge TaKxe cogepxcaTCp PeKOMeHgatEHH, HanpaBneIHbIe Ha YnYqIfleHHe 6aHKOBCKOUHHc1paCTpyKTYpbI B POCCHH, 4IHaHCHPOBaHHe KaII4TaJoBJIo)KeHHi4, XHJIHHOr ceKropaH ceMCKoro XO3A1ACTBa.

iv. nDorpaMMbJ ueHTDaJH3OBaHHOlO KPeiHTOBaHHA ABJIOTCSA OCHOBHbIMHHCTPyMeHTOM AeHe)KHo 4nojiHTHK LIEP. IIHpOKOe HCIoJIL3oBaHHe JxeHTPaJiH3oBaHHbIXiXeneBbIx KpeHTOB 3aTPyXUeiT jno6bie normnH cTa6hJII3HpOBaTm 3KOHOMHKY H TOPM03HTnpOBegeHHe pe4opM 6aHKOBCKoro ceKTopa. rpeAOcraBneHHe KpeATOB B paMKax 3TExnporpaMM He Tpe6yeT nPOBegeHHS onepagHf, 06bIHo cBl3UIBaeMbIx c npotxeccom

vi

ipen,OCTaBjieHHS 6aHKOBCKHX 3afiMOB, a HMeHHO npHBne'eHHS geIHO3HTOB H npoBe,eHms

OUeHKH KpeAHTa. 9TH KpeAHTHBle nporpammBI o6ecneqHBaIOT nepeRaYy Cpe;CTBKOHKpeTHbIM npeg1pHAsTHAIM, perHOHaM H oTpacJiLiM 3KOHOMHKH TaKHM cnoco6oM,

KOTOpbIUf CKOpee ABJLieTCS OTpa)KeHHeM nonwTqecKoro Bmumm noJyqaTeJeii H UXyMeHHS 3aIIIIAllaTb CBOH HHTepeci, em XHKTyeTC3i 9KOHOMHUeCKHMH HUH 4HHaHCOBBMH

coo6paxceHHMmH. B pe3yjimTaTe npoBeAeHmsi 3THX nporpaMM TOPM03HTCX riepecTpof4KaceKTopa iipexlpHiATHf.

V. UeHTpajBHBIH 6aHK HCHOJb3yeT nporpaMMMI 6eiTpanH30 KpeHTOBaHHAAgJMOCTH)KeHm ;XByX LUejief: 'YTO6bl o6eCIIeYHTH MIHKBHXHOCTh 6aHKOBCKOff CHCTeMbI H

noZepxaTb KOHKpeTHbIe npegnpHITHUU H pa3J33IHqHbIe CeKTOpiI 3KOHOMUKH.

UeHTpaRH3OBaHHbIe KPCIHTbI He BJIASIOTCA 9¢4XeKTHBH]IM MeTOAOM IOcTHKeHHA

yHOMSHYT]IX ixeiiei, H HX Heo6xoQHMo IiocTerieHHO cBepT6IBaT&. B KaqecTBe cpe,cTBao6ecnegeHHs IMKBHIUHOCTH 6aHKo ero MOKHO 3aMeHHTh IepeyoeTHmoriepauHsiMH CHCIIoJIb3oBaHHeM rpoLgeHTHbIx cTaBOK, KOTOpLIe 6yyT parIXHHpoBaTh Kpe,HThI, HflHKpetHTHbIMH ayKUHOHaMH.

vi. KaK cpeXCTBo rioAAePXCKH KOHKpeTHbIX oTpacneU 9KOHOMHKH, 6oimmai YaCT6

ITPOrPaMM UeHTDaJIH3oBaHHoro KPeIIHTOBaHH4 MO)KeT 6bITb CBerHnTa lOBOJTHO 6bIcTDO

9TO gacT KOMMepICcKHM 6aHKaM B03MOJKHOCTh CBO6o0Horo pa3MeuLleHHA CpeACTB,KpeAlHTyeMbIix eHTpajibHbIM 6aHKOM. Ha 6nuHxafuHe TpH-IrSiTh IeT IIpaBHTebJICTBY H

UeHTpanbHOMy 6aHKY, B03MO)KHO, PHAeTCSA CoxpaHHTb HeKOTOpIe nporpamMMbIIHpeKTHBHMlX KpeJHTOB B KaYeCTBe riepexoAHoH MepLI H BO H36exKaHHe eige 6onmxHapyuIeHUH B 3KOHOMHKe. CBepTmIBaHHe KaJKgOfi rIpOrpaMMbI OAJKHO HIpOHCXOAHTh

OAHOBpeMeHHO C yCTpaHeHHeM HCKa)KeHHl H HHCTHTYIHOHamHOH )KeCTKoCTH, KOTOpbIe

6b1nH IpH'1HHOf HX Bo3HHKHoBeHmS. HeKoTopbIe nporpaMmi MOryT 6brm HeMeAJeHHo

oTMeHeHbI HuH 3aMeHeHLI gpyrHMH cpeACTBaMH, Torxra aKK Ha CBePThIBaHHe ArpyruX Mo(KeTHoTpe6oBaTbCs HeCKOBKO JIeT.

vii. BI0offeTHbre IOTauHH ARORXHLI 3aMeHHTb Tp4 rrporpamMMbI ueHTPa30BaHHoroKpeAWTOBaHHM, HaripaBjiemorO Ha KOHBepCHiO o6opOHHbIX npexu?IpHxsTH4, pa3BHTHeceBePHLIX paiiOHOB H ocygecTB3ieHHe HHBecTHLixHoHHLIx npoeKToB. Tor,a mHorHeyqaCTHHKH 3THX pOirpaMM CMOryT nojiyYaTb 6aHKOBcKHe CCYAbI Ha o6bIYHblx

KOMMep'eCKxHX yCJIOBHAX. OAHaKO, BeCbMa BepOSITHO, YTO HeKOTOpmIe H3 3THX

rIpexipIHTHHl 6yryT paccMaTpHBaThcA 6aHKaMH KaK HeKpeXfToCnOCO6HbIe H nocnrenoJIyyeHHA HMH rOCyXapCTBeHHbIX cy6cHAHA. B 3TOM cxiyYae 3aTpaTbI Ha nO=ep)KaHHeHeKOTOpbIX ripexlpHATsHH CTaHYT OqeBHAHLIMH, H ripaBHTeJITCTBY iipHAeTCA peiaTb, B

KaKHx cJyqasAx HY)KHO yBeJIH'HTh ErOTagXHH, a B KaKHX - gaTb ripegripHATHIO 3aKpLMCSA HJIm

rpOeKTy CBePHYTbCA.

viii. rIporpaMMa o6ecnleYeHHS o6opOTHbIX CpeACTB TaK)Ke MoKeT 6bm ipeKpaiieHa.

B 6OJbIIIHHCTBe cIyIaeB, KaK TOJIbKO KOMMep'eCKHe 6aHKH nojiyqaT AOCTYI K CpeaCTBaMUeHTpanbHoro 6aHKa, He HCnIOJb3yeMbIM B 4JOpMe iXeHTpaJIH3OBaHHbIX KpeAKTOB, OHH

cMoryT YXOBjieTBOPHTb noTpe6HOcTH npernpHsTHA B 060POTHOM KanHTane 6e3

vii

BMeiUaTeJIbCTBa Co CTOPOHbI npaBHTeJIbCTBa HiiH IUeHTpaJIbHoro 6aHKa. OXrHaKO, 6amHKMOrYT H He IPOAIBHTb rOTOBHOCTH npegOCTaBJIATb KpeHTbJlI npegnpHATiuM, HCnOJI1B3yIOUHMHx g,A noKpbITHA TeKyILHX pacxoAoB, a He gI nooJIHeHHs o 6OpOTHbIX CpeACTB. B 9TOMcnIytae IIpaBHTeJIbCTBO cMoKeT 6o0ee peaZjTHO oIeHHT H3gepXKKH Ha nojgepmcamegeSTeJIbHOCTH TaKHX npegnpHATHf, nIOCKOJIbKy eMy IIpHeTCS npegoCTaBnATh 9THMnpenpwuITM pMMBIme gOTaLHH H3 6IogxeTa. rIpOrpaMMB6 B o6naCTH 9HepreTHKH H, BonpegeJeHHOh CTeIIeHH, B o6iiacTH cemCKoro XO3XAICTBa HanpaBJIeHbI Ha yCTPaHeHHeBBI3BaHHhIX nOJIHTHKOfI npaBHTeNJICTBa HCKaxKeHHH, Hi-IpHMeP B LjeHOO6pa3OBaHHA HTOprOBLIX orpaHHYeHHAX. KaK TOJILKO 9Ta IIoJHTHKa 6ygeT H3MeHeHa, yKe He 6yAeTHeO6XORgHMOCTH B nporpamme noIgepXKKH 9HepreTHqeCKoro CeKTOpa, H 6ygeT B03MOXKHOCOKpaTHTB nporpaMMy giAcSICenLCKoro X03AIfCTBa.

ix. ABagaTb-TpHiaT6 BeYUIHX KoMMePtTeCKHx 6aHKOB B PoccH rIpeBpaigaiOTCsB "HaCTOAmiHe" 6aHKOBCKHe ytpeKxeHHA. OH4 CTpeMATCA K yKpenICeHH10 CBoero(DHHaHCOBoro IIOjiOxceHHS H CoBepuieHCTBoBaHHIO HaBBIKOB 6aHKoBCKoro Agena, aHeKOTOpbIe H3 HHX TaKxKe IbITalOTCS OrpaHH1HTb 06fbeM onepagHfi c OIHHM 3aeMmHKOMH "CBOHM1" KJIHeHTaMiH. XOTS 'qHCJIO 9THX 6aHKOB nOKa HeBeJIHKO H MaCIuTa6 HixonepailHii OCTaeTCAI CpaBHHTeJIbHO ManbIM, OHM paCTyT 6biCTpee 9pyrMx 3BeHbeB6aHKOBCKOf cHcTeMbI, 3aHHMaAcb 6o0iee nlpH6bIJIbHOII H BaHKHOA geMTeJIbHOCTLO:KpeXHTOBaHHeM HaPoxc aqoieroCA lIacTHoro ceKTopa H BHeILuHeToproBLIx onepaIxHi, aTaK)Ke npHBjieteHHeM Ba8EOTHbIX gerIo3HToB. [IOCKOJIbKy Hx rJIaBHbIMH aKIJHOHepaMHABJIMIOTCA npegnpHATHA, 60JTInEMHCTBO KOMMepqeCKHX 6aHKOB noCTeneHHo rpeBpaiIaeTcsB qaCTHbIe, rio mepe Toro, KaK HX aKUHOHepbI CaMH CTaHoBSITCA aKIiHOHePHMIMIo6IWeCTBaMH H npHBaTH3MPYIOTCAI. TaKaS CTpyKTypa Co6CTBeHHOCTH BbI3bIBaeT03a6oqeHHOCTb, TaK KaK OHa IIpHBO;XlT K 3aKpeJIieHHiO paCripoCTpaHeHHOf IIpaicMKHI1pegOCTaBjieHHA 3aRMOB "CBOHM" IIpegnIpATHIM HJIH ripegnpxMTmm, CBSI3aHHbIM C HHMH.

X. PeKOMeHAyeMas cTpaTerHA npegxnonaraeT IIoCTeneHHbIl H B 3Ha'rnTeAbHOf4 MeDen06POBOJIbHbl4I nOjiXOU K 6aHKOBCKOf pec)opMe, npegyCMaTpHBaioiIf,HA CTHMYJIMPOBaHHeCOBepIiieHCTBOBaHHIA KaqeCTBa pa6oTmI 6aHKOB H rOTOBHOCTH K 6o0iee cTporoMy KOHTPOJIO3a MX gexTeJIbHOCTcE,O. CHCTeMa CTHMYJIHpOBaHHI goJnKHa BeCTH K HenpepEIBHOMy pOCTym4cna TaKHx 6aHKOB H pacIiiHpeHHIO HX o0JIH pbIHKa. XOTs IPHHMiHnH rioCTeneHHoCTHTaKoro nepexoga yMeHbIflHT HapyileHHAI B 9KOHOMHKe, OH JHIIfb IIOCTenIeHHO HIpHBegeT K03X0poBneHH1o 6aHKoBcKof cHcTeMbI H rOBLIIiueHHio ee 9(peKTHBHOCTH B pa3meIgeHHHpecypcoB. B HacToAigeM groKnage paccMaTpHBaeTCs H npH3HaeTCS HeBO3MO)KHOfA HHeixeJ1ecoo6pa3Hofi aJIbTepHaTHBa mOKoBOif I1IHpOKOA peopraHH3aLIHE 6aHKoBcKoroceKTopa. B Jno6oM cjiyqae HeKOTopoh noCTerieHHOCTH H36eJKaTh He ygacTcS, noCKOJThKyCOBepnIeHCTBOBaHMe 6aHKOBCKOf CHCTeMbI AOJDKHO Hg T HapaJiIieJhHO c ripeo6pa3oBaHHeM9KOHOMHKH B LtejiOM, a OHO ocyHeCTBnsieTcA TOJI6KO nocTeneHHo.

xi. 5AgIPOM peKOMeHgyeMOf[ cTpaTerHH O3XopoBjieHMS4 H nOBbIiuieHHM94(xCeKTHBHOCTH CH4CTeMbI KOMMepqeCKIX 6aHKOB IBjTieTCS nporpamma BaHKOBMe)KIIvHaVoIXHbIX CTaHgapToB (EMC). KoHienHAs BMC rpeAnojiaraeT Co3AaHMe oco6oro

CJIOA" 6aHKOB, KOTOpbIe 6yxyTr 6onee KanHTanH3HpOBaHHLIMH, 6ygyT cTpoxKe

viii

HpHgepXCHBaThCSi 6oJIee COBpeMeHH6IX MeTOAOB 6aHKOBCKOf npaKTHKH H 6ygyT o6fbeKToM6onee cTpororo HaA3opa 11o CpaBHeHHIO C pyrHMH 6aHKaMH. qTo6EI riOoLpMThgo6poBonbHbIf4 nepexoA 6aHKOB B KaTerOpHiO EMC, MM 6yXeT ripegocTaBneH psi amroT rio

cpaBHeHHIO c He-BMC. B HaCToSiieM goynaAe npexnaraeTc1 npoeKT nporpaMMbI,cocToAigeH H3 rpeX KOMnOHeHTOB: Ha6opa HOpMaTHBOB, KOTOPbIM AORKHbI

CooTBeTCTBoBaTb BMC, pAxa JmroT, cioco6cTByiouuix riepexoAy 6aHKOB B KaTerOpIHO

BMC, H KoMrIieKca aMmHHHcTpaTHBHbIX npoieAyp, Heo6xo,HMbIX A" ocygecmrBnemsi

nporpaMMbI.

xii. CTaHgIapTI, fiiiaHHPpyeMI6ie iAA BMC B Xo0iroCpoqHOH nepCfieKTHBe, ABJISIOTC3

CTaHxapTaMH, KOTOpbie HCIOJIb3YIOTCS B pa3BHTbIX cTpaHaX B COOTBeTCTBHH C Ba3eJmbCKOfKoHBeHiJAHeH. B AoKniage peKOMeHXayeTCX nocTerieHHoe BBeJIeHHe BbICOKHX HOPMaTHBHbIX

Tpe6oBaHM2; anbTePHaTHBHbIM pelUeHHeM MorJIo 6bI 6bITb HeMe.geHHOe BBereHHe

Tpe6oBaHlH4,p npH6nCaiOIgHXCA K CTaHgapTaM, HJIH peryjIHpOBaHHA, Tpe6OBaHH3M

KOTOpOrO He CMOxKeT COOTBeTCTBOBaT6 HH OAHH 6aHK. HanpHMep, HiepcHeKTHBHLIH

HOpMaTHB mxI B3BeInueHHoro no cTeneHH PHCKa cooTHoIueHHs KariHTanJa H aKTHBOB 6buI

6I yCTaHOBjieH Ha YPOBHe 8 rIpoLeHTOB. 'qTO6BI nony'HTm cTaTyc EMC, 6aHKy HY)KHO6yAeT YBeiiHqHT cooTHoliieHMe KaIiHTaJIOB K aKTHBaM, B3BeiueHHoe no cTeneHH PHCKa go4, 6 H 8 HpOgeHTOB K Haqajiy 1994, 1997 H 2000 rogOB, COOTBeTCTBeHHO. rIaKeT jTbrOT

AoJLKeH 6bEIb paCCqHTaH TaKHM o6pa3OM, qTo6bI qHCJIO BMC 6L1o gocTaTotIHimM AIsA

CO3gaHHM AApa xopoiuef4 6aHKOBCKOh CHCTeMbI.

xiii. OcyWeCTBJIeHHe nporpaMMbI BIMC, no Bcef BCepOSTHOCTH, YCKOPHT nepecTpOfKY

geSTeJITHOCTH Tex 6aHKoB, KOTOpEIbe y)Ke cewqac COBepuieHCTBYIOT CBOH onepauH. BnOnHe

BepoATHo, wrO 6OJIbUIHHCTBO 1¶3 HHX 6ygeT OqeHb 6bIcTrpo npeBpaWaTmCs B BMC, ecirH

BBseAeHHe CTaHAaPTOB 6yAeT riocTeneHHbIM. 'qIHcJIo BMC nocTeneHHO 6yxeT pacTm BMecTe

C POCTOM HX AOJIH pbIHKa, OCO6eHHO Tex CerMeHTOB, B KOTOPbIX nporpamma

IpegycmaTpHBaeT IpegocTaBneme MM 3BrOT, TaKHX, HanpHMep, KaK BO3MOXHOCTbonepaHfi c AOMaIfiHHMH xo3SIHCTBaMH MuM o6CJy)KMBaHMe HHOCTpaHHMIX KiiHeHToB.

xiv. CTpyKTypa CO6CTBeHHOCTH 6aHKOB IBHTCS rjiaBHEJM orpaHHqeHHem AJI

paCIiHpeHHA ceKTopa BMC, IlOCKOJIbKY MHorHe 6aHYuH, no-BHsHMoMy, He CMOryT HJIH He

3aXOTIT COKpaTHTb KpeHMTOBaHHe CBOHX aKUHOHepOB. C JpyroH CTOpOHbl, 3aKPbITHe H

nHKBHAauH UeHTPanbHMm 6aHKOM HennmaTeKecnoco6Hmix 6aHKOB H nepenaIBaHHe

y6bITKoB Ha BKjiaxrHMKOB MOrJIO 6bI CJIYMHTb CyweCTBeHHbIM KaTaJIH3aT0pOM ripaciuHpeHHA ceKTopa BMC. 3aKp6ITHe HeniiaTe>Kecnoco6HLIx 6aHKOB BaxKHo He TOJIiKO

,AA ycnexa iipOrpaMMbi BMC, HO H gTI o6ecneqeHHA nepecrpofKH ceKTopa npeAnpHATHM.

HMKaKHe pe4)opMbI CTpaTerMH He ARaAyT pe3yni6TaToB, ecJIH OHM He nIpegyCMaTpHBIOTnpMHHe CaHKgHH IIPOTHB Tex, KTO pa6OTaeT nuoxo. B KoHeqHOM CqeTe, UIeHTpailHbif

6aHK 6yAeT BMIHyxKeH 3aCTaBHTE BCe 6aHKH IIHpHT1Tb HOpMbI EMC. 9To MoxKeT BbI3BsTBHeo6XoAHMoCTb OT3bIBa JIMiHeH3Hf H nHKBHgaiuM4 MHOrHX 6aHKOB. I103TOMY

genecoo6pa3Ho paCnlpOCTpaHHTb Tpe6oBaHHA BMC Ha Bce 6aHK4 JIHIUIb Torgra, Korga Ha

Arouuo BMC 6yxeT ripHXOA)4TCA 6ombImias qIacTb geATenJTHOCTH 6aHKoBcKoro ceKTopa, xTo66I

COKpaTHTb MaCIITa6bI BO3MOXCHbIX HeraTHBHbIX HapyIueHHfI B 3KOHOMHKe.

ix

XV. 06ecneteHHe gOCTyna K KpeARTam xM CeNjbCKHX paHOHOB, B 'acTHocTH ARA

dHHaHCHDOBaHHM ceJIbCKoro X03MHCTBa. qpe3BblqaHHO BaXKHO AJS pOCCHHCKOil 9KOHOMHKH.POCCHIACKHe BJIaCTI HICnOJIb3yIOT cy6cixHxHpyeMie geneByie KpeAHTLI ARA o6ecneqeHHAAOCTyna K KpegHTaM, KOMneHcaIIHH 1CKa)KeHHf, Cy6CHqHpOBaHHS ceJIbCKoro XO3AfICTBa,a TaKwoe USI 4HHaHcHpOBaHHA UieHTpaJIH3OBaHHbIX rOCygapCTBeHH]IX 3aKynOK H

peaJIH3aiUiH CeJIbCKOX03MfCTBeHHOfk npOAyKzHH. riiaBHbIM CqaKTOpOM, OCJIO)KHAIOUM

rO6bie IoIbiTKH COKpaTHTb yqacTiIe IIpaB4TeJIICTBa B 4MHHaHCHPOBaHHH cen^CKoroXO3Af4CTBa, 5IBjiAeTCA TOT aKTTO ToepMepbi nO-HpeXKHeMy He MOryT iCIIOJib3OBaTh CBOO3eMJIIO B KatIeCTBe 3ajiora gaA o6ecneqeHHA KpegHTa.

xvi. B 6JIiKafInieH repcneKTHBe nporpaMMbI rOCygapCTBeHHbIX KpegHTOB AOJDKHbI

HpOgOjKaTECs, OHH 6yAyT riO-npeX)HeMy CJIYXKHTB OCHOBOH 4)HHaHCHpOBaHHA ceJIbCKOrOX03AHCTBa, XOTS HeO6xo;RHMO BHeCTH p5iX Ba)KHbIX H3MeHeHHH B npOrpaMMbl,cyLigeCTByiOuIme B HaCTOAIgee BpeMA. rIpexocTaBneHHe geneBbIX KpeAHTOB AOJDKHO 6bIrrborpaHHqeHO CeJIbCKHM X03AHCTBOM H AeSTeJIbHOCTbIO HO flepepa6oTKeceJIbCKOX03XMIcTBeHHOH npOXYKUH HenocpegrBeHHO B X03AICTBax. rlpeXnpH31THA BKPYHHOM arpOnpOMbIHIIIeHHOM ceKTOpe AOJIXCHBI OCyiUeCTBJIATb 4MHHaHCHPOBaHHe CBOeHgXeiTeZJIHOCTH qepe3 KOMMepteCKHe 6aHKH, KaK 3TO genaioT xpyrHe npegnpHATm.Kpe;i6i, xa)Ke jibrOTHbIe, AOJDKH16H ripeOCTaBJIMTbCSA Ha 'eTKO onpegeiieHHbI1X yCJIOBHAX.HIpaBHTeJThCTBO AOJIKHO o6ecneqHBaTb cO66nmoeHHe 3THX YCJIOBHfI KaK cpegcTBayKpenIieHHS 4JHHaHCOBOH AHCLUHIJIHHbI B gaHHOM ceKTope. )KeIiaTeJThHO, 'qTO6bI

IleHTpajibHLIf 6aHK noAXHiJI rpOueHTbI no ceJIECKOXO3AHCTBeHHbIM KPeXHTaM go YPOBHA,cyLuecTByIougero B xapyrHx OTpaCJIAX 3KOHOMHKH. Cy6cHgHH 6yyryT 6onee qdXI2eKTHBHbIMH

H 6y,y'T CTOHTb geiiieBJIe, eCJIH OHH 6YXYT HenOCPeACTBeHHO CBA3aH6I C 3a4aIaMHrocygapcTBa B CenjbCKOM xO35IHCTBe.

xvii. B cpeXgHeCPOtIHOft nepCneKTHBe HeO6XOXAHMOCTb 4JHHaHCHPOBaHHSAceIbcKOXo3AIHcTBeHHbIx3aKynOKtepe3nporpammbi3e eHanpaB eHHororocyXaapcTBeHHoroKpe,HTOBaHHSI 6yAeT COKpaLaTbCA, no mepe TOrO KaK qaCTHbIe PO3HHtIHbIe H OnTOBLIePbIHKH 6 YxYT BE,ITeCHSTh LueHTPaIH3OBaHHYIO CHCTeMY 3arOTOBOK H PeanaH3gIHH.rlpegocTaBneHHe taCTHLIM (cepMepaM teTKHX npaB Ha 3eMJIO, KOTOpmIe nO3BOjiSjIH 6E1I HM

3aKflagbIBaTb 3eMJIIO, H npegoCTaBj1eHHe 6aHKaM npaBa JIHIIaTb cpepMepOB B03MO)KHOCTHBMIKYnaTTb 3ano)KeHHOe HMYWeCTBO B cjiytae HeBEMHOJIHeHHA yCJIOBHf o6Al3aTenEbcTB no3aIHMaM HMeIOT Ba)KHefIiiee 3HaYeHHe gm PaCIuIHPeHHA gocryna taCTHbIM 4PepMepaM K6aHKOBCKOMY KpegHTy.

xviii. PocceJbXO36aHK OLieHb MegiieHHO aganTHpyeTCA B HOBOR 9KOHoMHteCKOHCHTyaIWH. XOTA 9TOT 6aHK Mor 6EI npOriogoKaT OCTaBaTbC[ riiaBHLIM 4CTOtIHHKOMLxeHTpaJIH3OBaHHbIX pecypcoB gXii cenbcxoro xO3MhCTBa, o06eM ero AeqTeJIhHOcTH, nO BcefBepOSTHOCTH, 6yneT pe3KO COKpaigaTbCS no mepe CBepThIBaHHA rpaKTHKH iLeieBoro4HHaHCHpOBaHHA. HeKOTOpbIe H3 ero OTgeieHeH, BepOATHO, CMOryT C03gaTb HOBYJOAeHO3HTHyio 6a3y H 3aHATbCA geATeJIbHOCTbIO, OpHeHTHPOBaHHOf Ha nOJIYteHHe npH6bIJIH.

BJIaCTH AOJDKHbI COgef4CTBOBaTb C03XaHHIO HOBbIX (DHHaHCOBbIX HHCTHTYTOB, TaKHX KaK

x

Kpe1HTHLIe KOOriePaTHBbI B CeJIiCKHX paAOHaX, KOTOPbIe B HeKOTOPLIX perHOHax MOrmIH 6E,o6pa3OBblIBaThCAS Ha 6a3e cyuxeCTBMEOX oTAenemiHH PocceJmXo36aHKa H C6ep6aHKa.

xix. BnacTH Hme1OT ArBa BapHaHTa pemeHRA npH onpeAeeneHHH POflH C6ep6aHKa Ha6jmxaiiHe TpH-rAsTTb neT. B IIepBoM cyiiae C6ep6aHK cMo)KeT ccyxcam cpexrcTBa[pepIIHAS1THAM TaK, KaK OH 9TO AejiaJI B 1992 roAy. OH 6YXeT ,feHCTBOBaTb HOARO6HOJno6oMy upyroMy 6aHKy, 3a TeM HcKJIiOioeHHeM, 'To ero O6A3aTejmcTBa 6yAyTrapaHTHpoBaHEi rOCyAapCTBOM. TOT 4JaKT, qTO C6ep6aHK 6yAeT rIpeAoCTaBATn6 CCYALI,YCHJIHT KOHKYPeHUWIO Ha KPegXHTHOM PbIHKe, B TO Ke BpeMS CO3,AaBaS PHCK JIrapaHTHpOBaHH OCYxraPCTBOM c6epe)KeHHH AROMaUIHHX XO3AIfCTB. IIpH BbI6ope 9ToroBaPHaHTa UIeHTPaJTHOMY 6aHKY I1PHAReTCS HCnOJIb3OBaTb 3HaqHTeJIrHYjO IaCTm CBOHXBO3MO)KHOcTef 1nO HaA3OPY AJIA OTCeI)KHBaHHAI AeHCTBHH C6ep6aHKa, yqHTbIBaA pa3MepbInocneAHero a TaK)Ke TO o6CTOATeJIbCTBO, 'qTO C6ep6aHK ABJISeTCS eAHHCTBeHHbIM 6aHKOM,rge PHCKY nogBepraoTcsA c6epexeHH AXOMaaIHHX XO3[IICTB. UeHTpaJIhHOMy 6aHKy ciegyeTTaKxce noAymaTm O COKpaiIeHHH pa3MepOB C6ep6aHKa C TeM, ITo6bI COAeHCTBOBaThnlOBbIIufeHHIO 9c("eKTHBHOCTH ynpaBneHHA 6aHKoM.

xx. IpH IInpHHiTHH BTOpOrO BaPHaHTa C6ep6aHK 6yAeT 3aHHMaThCSA HpH4BfeCeHHeM

c6epexeHHl AOMaaJHHX XO3AfICTB H BlInOJIHATh 4)yHKgHH, nOX06HbIe TeM, KOTOpbIeBLIIIOJIH5[EOT BO MHOrHX CTpaHaX I1OqTOBbIe 6aHKH. rIPH AaHHOM BbI6ope C6ep6aHKy He

AOJDKHO pa3pemaTbcsA npegocTaBJIATb CCyAbI rrpeArrIpHM , a pa3MepbI KpeAHTOB AOJlHbI

6riTm orpaHHqeHE,I ccyAamH AROMaIIHHM XO3SAfCTBaM H KpeAHTaMH Ha Me)K6aHKOBCKOMpbiHKe. OcTanbHbIe AenO3HTHbIe CpegCTBa HC1OJITh3OBaJIHCb 6bI Ha riOKyrKyrOCyAapCTBeHHMIX o6nHraIgHf C nepeMeHHOH HpoyeHTHOR CTaBKOfI, KOTOpaSi 6bina 6bI Ha

HeCKOJIhKO IIyHKTOB HHKKe yqeTHOf4 CTaBKH [teHTpaJHOrO 6aHKa. CornacHo 3TOMYBapHaHTy, C6ep6aHK 6yAeT o6ecneqHBaT6 AOMaILUHHM XO3AHCTBaM no Bceu POCCHHHageXKHOe MeCTO XgA xPaHeHHA IX c6epexeHHl, AROCTYI K naTeJ)KHOH CHCTeMe, H MOXCeTHCnObJT3OBaTbCS KaK HCTOxHHK KpexHTOB. C6ep6aHK TaKi.xe 6ygeT npOgOJIKaTb CJIyXKHTb

HHCTpyMeHTOM nOjiHTKH [eHTpajIbHOrO 6aHKa.

xxi. IIpOMcTpOfi6aHK B OCHOBHOM o6ecneHqHBaeT CpeACTBa H3 6xoxpceTa KpyIIHIM

rOCyAaPCTBeHHMIM I1pegnpHATHM. )IBH)KeHHe K pbIHOxIHOH 3KOHOMHKe JiHiUHjio

IIpoMcTpoH6aHK ero OCHOBHEIX (pyHKUHHI; BHyTpeHHAAS1 AIHHaMHKa 6aHKa MO)KeT 11peBpaTHTb

ero B I1peI3ITCTBHe Ha rIyTH OCyiieCTBj1eHIA nporpaMMbI pec)OpM. OnepalutHIIpoMcTpoH6aHKa 6y,gyT pe3KO COKpauxaTECS nO mepe nocTenHeHHoro CBepTbIBaHHA

nPOrpaMM ileneBoro KpeA:HTOBaHHA. BbICOKHf4 HpOpieHT KpeA;HTOB, IO KOTOPLIM HeBbIniaqHBaIOTCs CCyAHbIH rpOgeHT, H Ha6JnOAaeMoe cTPpeMfleHHe oTAejeHHH MToro 6aHKacTaTh caMoCTOSTeJThHlIMH 6aHKaMH TaKM(e 6yxAyT cnoco6cTBoBaTm ero AraAbHefuJeMycoKpaiHeHHIo. HeKOTOpbIe 6bIBIfHe perOHajibHwIe OTAejieHHI rlpoMCTpof6aHKa CTaiiHOTHOcHTeJEhHO AHaMHIxIHLIMH 6aHKaMH, gaBas TeM CaMbIM B03MOXCHOCTb rpeAnOJIO)KHT6,'To ero ARajbHefIimee pa3yKpynHeHHe Morno 6bI 6bmT xeCiaTeJfLHLIM luaroM. UeHTpaJbHbIZ6aHK H ripaBHTenJTCTBO AOJIKHbI paCCMOTpeTh B03MOXHOCTH OKa3aHHH aKTHBHOrO

cOAefiCTBHA rOCTereHHOMY H yHOPiopAOeHHOMY COKpa1eHHIO pa3MepOB rpOMCTpOH6aHKa.

xi

xxii. B KaqeCTBe cpeACTBa fIOBbITflueHH ypOBH5 HHBeCTHUHf H C03AaHMM HOBbIX,OpHeHTHpOBaHHBIX Ha PbIHOK KaHaJIOB XJ3T pa3MeIeHHA HHBeCTHUHOHHbIX CpeACTBnpe,naraeTCsi CO3xaTh 6aHKH pa3BHTHA. OnHpaqCb Ha o6n1HpHxIf OIbIT BceMHpHoro 6aHKario KpeAHTOBaHHIO H COTpyXHHqeCTBY C 6aHKaMH pa3BHTH BO BCeM MHpe, HaCTosHAuwAoKnag peKOMeHAyeT CoCpeAOTO'qHTh ycCHMs 3TUx 6aHKoB Ha onepaiHAx Tmna KacKa,Horo,H paMHJI JHoro pa3meueHMs KpeAHTOB (AMF) BMecTo ocymecTBjieHwI inpAMoroKpewHTOBaHHS iipoeKToB. B HaCTOAigeM AoKiiage rIogqepKHBaeTCA BacKHOcTm. cTaHoBneHHSIXKH3Hecnioco6HOH CHCTrMI d3HHaHCHDOBaHHA KHnIHMHoro ceKToDa H oripeAeJAMOTCA ABaOCHOBHbIX IIperILTCTBHSI Ha ITyTH ee CTaHoBjieHHM: MaKpO3KOHOMHqeCKaS HecTa6HJTbHoCTbH HeAlCHOCT6 B oTHoIeHHHri npaB co6CTBeHHOCTH, BKJIIOtaS B03MOXCHOCT6 JiHiueHHSf npaBaBbIKYfTa 3aji0JKeHHOi- Co6CTBeHHOCTH.

Xxiii. (DHHaHCOBaS HHcd&aCTDvKTVPa BKJlioIaeT ITpaBOBbIe OCHOBEI, peryjIHpOBaHHe HyqeT, roCygapCTBeHHbIe HHCTHTYTbI, rIpoueccbi H cHCTeMbI, B paMKaX KOTOPbIX(yHKIrOHHpyIOT 4)HHaHCOBbIe yqpexcAeHHA. B HaCTOAiieM xgoKna,e onHcbIBaOTCASHaH6oJIee BaxKHbIe pe4OpMbI, KOTOpbIe Heo6xOgHMo OCyigeCTBHTb B (IHHaHCOBOfIHH4JpaCTpyKType B IIoAgepxKy pa3BHTHA CHIUTHOR H 94"eKTHBHOH PLIHOYHOM 4)HHaHCOBOHCHcTeMbI. B qaCTHOCTH, B AoKnaAe paccMaTPHBaOTCS AanbHefiume MeponpHSTx noC03gaHHO rIDaBOBOH OCHOBbI AJIS 3aHmI rIpaB qacTHof4 Co6CTBeHHOCTH H 344eKTHBHOfinepegatm 9THX ripaB, a TaKKe o6ecneqeHA B3bIcKaH3 Aojira, JIHKBHgauHH, 6aHKpOTCTBaH CpegCTB rapaHTHH HCInOJIHeHHS 3aKOHOB. 0oK3iag TaK)Ke npeginaraeT IPHHATb cTaHXgapTbI6vxraJrreDcKoz oTqeTHOCTH H aYMiTa. COOTBeTCTByIOLgHe o6iuenpimImiM mexcyHapommimHOpMaM, KOTOpbIen O3BOJIST rniacHO H nocnegoBaTenlbH OgeHHBaTb qHHaHC0Boe COcTOMHHenpefpHA1TH;H R 6aHKoB. B Aromia,ge 3aTparHBaeTCs BOnPOC o6 o6yteHuH 6aHKoBcKIHxpa6oTHHKOB COBpeMeHHbIM MeTOgaM Mo6HJIH3aLXHH c6epexKeHHl, oUeHKe KpeAHTOB,pa3mMetgeHH peCypCoB, ynpaBjieHHA aKTHBaMH H o6A3aTenbcrBaMH, a TaK)Ke gpyrHMacneKram PbIHo0Horo 6aHKOBcKoro xeiia. B goKnage BbipaxKaeTcS norogep>KKa HegJaBHOC03gaHHOMY UeHTpanbHbIM 6aHKOM KOMHTeTy 1o KOOPXuHasUHH pagHKanjbHoH0 peCpOpmbCHCTeMbI ITJIaTexcei B POCCHH H upexnaraeTcA nporpamma ee ocYLUeCTBJIeHHA.

xxiv. UeHTpaJIbHOMy 6aHKy cnegyeTo rpaHHHTTb BBI6iaYy HOBbIX 6aHKOBCKHX jHUeH3HfiH ripegoCTaBISTh HX TOJIbKO BMC. B KatecTBe npoMexKyToqHof4 MepbI TaKoe yxcecroqeHienpoluecca BEIXa1Hj JIHueH3HH CgepXCHTgaIbHefiee pacipocTpaHeHHe HeipaBHJIbHLIX BHAIOB6aHKoBCKof npaKTmKH. B COOTBeTCTBHH c peIu1eHHeM 0 BBe;eHHH nporpaMMbI BMC,UeHTpaIbHbIfi 6aHK xOJI3eH 6ygeT pa3pa6oTaTb H Orxy6nHKOBaTb HODMbI Da3vmHOrODterv1iHDvoiaHHS ,A E;MC. HeKOTOpbLIe H3MeHeHS1 AOHXOHbI 6bITb BHeCeHbI B o6meeperynipoBaHHe 6aHKOBCKOA CHCTeMbl BKnIOqas 6aHKOBcKUe yYpexKgeHHA, He 3iBJJAIoiHecAEMC. HaripHmep, UIeHTpaJmHoMy 6aHKY cnexyeT nepecmofpeT6 K03(pHiu]eHTmIB3BeiIIeHHOro pHCKa, HCrIOJTb3yeMbIe g IS OnpegejieHHs oTteTHbIX K0343cUHlHeHTOB BCOOTBeTCTBHH C Ba3eIbcKof KOHBeHiJHefi, H HO-HOBOMY onpegenfHTb K09(U4)HgKeHTaAeKBaTHocTH co6cTBeHHbix Cpe;XCTB, CopHeHTHPOBaB ero Ha aKTHBbI 6aHKOB, a He Ha Hxo6A3aTejbcTBa. 9TH H3MeHeHHA 4OpMyJIHpOBOK flO3BOJIAT OTCJIe>KHBaTb pa3BHTHe CHCTeMbIB gejioM B npouecce ee nepexoga Ha CTaHgaPThI BMC H cAenaioT d1HHaHco0yIO OTteTHOCTb6onee SCHOR AJIA nOTeHLiHajibHbIX HHOCTpaHHbIX HHBeCTopOB. UeHTpajibHbIh 6aHK Aon.ceH

xii

nIoTpe60BaTb OT Bcex 6aHKOB HOJIHOII KaIIHTa8IH3a1gHH CBOHX HeKpemrrTHbIX HHBeCTHIMH HgOjUKeH yCTaHOBHT6 MaKCHMajThHbIH o6,beM TaKHX HHBeCTHgHif KaK onpegeiieHHyIo AOJIIO

KaIHTaiia 6aHKa

xxv. YKpenineHHe d:VHKUaHf Haji3oa 6y,eT ripe,cTaB3sITh HTe3TbHHbLiI npoiecc, H60OH Tpe6yeT IIoCTOAiHHoro 4)OpMHpOBaHHA H HaKOreHA CneuHaJIbHLIX HaBbIKOB H OnbrITa,KOTOpIh rIpaKTpwqecKH OTCYTCTBYIOT B pOCCHACKOR 9KOHOMHKe. Heo6xoAHMoCOCpeAOTObHTh orpaHH'eHHbie pecypcbi UeHTpanbHoro 6aHKa Ha onpegeneIHHrIpHOpHTeTOB B OTHOuieHIHH 6aHKOBCKKX HHCTHTTOB a TaKxce Ha i[po6JieMax, rAe ycnexMOxCeT 6bIbm gOCTHyT o'eHb 6bICTpO. UeHTpaTHbIHA 6aHK AOJKeH yAenHmnepBocTenIeHHoe BHHMaHHe HaA3OPY Hag EMC, KpynHmbmm 6aHKaMH, He ABJTUOIlWMHCSA

BMC, H J106bIMH He-BMC, KOTOpbIe npOXOxKalOT paCHPATbCCS HN nocne BBe;XeHSH

nporpamibi 3 EMC. UeHTpaibHmbi 6aHK gOIKeH H3ygHTB B03MOXHOCTb nepexaam acTH4YHKUH HaA3opa Ha KOHTpaKTHOf OCHOBe CneiHaRHH3HPOBaHHbIM 4,HpMaM H BKJflOT4eHHSB C06CTBeHHbIe rpynribl KOHTPOJIAS peBH30POB H3 HHOCTpaHHLIX 6aHKoB.

xxvi. Pa3pa6oTaHHaA HagIe)KaLWM o6pa3OM rnorgamma CTDaXOBaHHS BKJiafOB 6yCeTcOgeHCTBOBaTh o6igeMy pa3BHTMO KOHKypeHLHH B 6aHKOBCKOM ceKrope PoccHH.HacTosTeJbHO peKOMeHgyeTCSA OrpaHHqHThb cpaXOBaHHe OTHOCHTeJiLHO He6oJiMJHMHAenO3HTaMH, qTO rIpaKTHqecKH CBeAeTCS K CTpaXOBaHHIO BKjiaAOB AOMamHHX X03SICTB HManJIx npeAnpHsTNH. B cxeme cTpaxOBaHzH cnexyeT npegycmopeTb pa33qHNe Mex)Ky BMCH 6aHKaMH, He IBJiSHOIuHMHCSA BMC: HanpHMep, Ha3HaqeHHe 6onee HH3KHX CTpaXOBbIXB3HOCOB ARIAi EMC. HJIH, wTO 6onee BaXCHO, OT He-EMC MO)KHO 6bIlio 6mr nOTpe6oBaTb06A3aTeJbHOrO HiOMmeigeHHA 3acTpaxOBaHHbIX CpeXCTB Ha cqeT B UeHTpajihHOM 6aHKe,o6ecrweBalOIgHff HN3KNN nlpoLeHT, HJIH BK3TaAbIBaHxA HX B rocyeapCeBeHH6ie AeHHbie6yMarH.

I

1. BBE,JEHHE

1.1 B HacToS=eM ,oKiiaAe paccMaTpHBaIOTCS pecpopMbi, Heo6xoXHMbIe JIA Toro,'rTo6bi 6aHKoBcKHA ceKTop POCCHH Mor 6o0nee 94XeKTHBHO oCyigeCTB3IuTh CBOH 4yHKEMH,BKjuoqamOIuge, B qacTHocTm, Mo6HRJI3aLuHIo c6epexeHHA, pa3MemeHHe peCypCOB HocyeCT eHxe paCqeTOB B pbIHOtHOHf 9KOHOMHKe. Pa3Bwe 4HHaHCOBbIX pbHROB H, BRacTHocTH, 6aHKOBCKOk CHcTeMM, SAsweTcA XKH3HeHHo BaDxHmiM nepexoza aK PfIHOHOHO3xoHoMHKe. Heo6xoAmvo, qTO6bI 3Th pBHKH 3aHSiiH MeCTO MeXaHH3MOBXeHTpa=30BaHHOrO lJIaHHpOBaHHs, KOTOpBIe 6bI31H JHKBHJHpOBaHBI B TeeHHe nocneAx

HCOcKonBX neT. OCHOBHOe BHHMaHHe B goKJIaie yejieHO 6aHKOBCKOMy ceKTOpy, KOTOpbIRB 6o0nInmcTBe CTpaH ripeAcTaBJiAII co6of riepBMifk 3fleMeHT HapoxAamonerocz4HHaHcoBoro pLIHKa. (B IlpHjioxceH HaHaRH3HPYIOTCA HegaBHHe H3MmeHeH Ha pLIHCeixemsIx 6yMar.)

1.2 HapAuy c xapaKTePHbIMH AJInepexoAHoro nepHoxra npo6neMaMH, BKmoqaACABHr OTHOCTenBHLIX xeH H HeoiipegeIieHHoCT6 B BOnlpOCe npaB Co6CTBeHHOCTH, pa3BHTHeH AOCTCKeHHe 94IeRTMBHOCTH 6aHKOBCKOrO ceRropa B PoccH TOPM03HTCS TaKxRe HHeCTa6HjhHOCTIOi maKpOrKOHOmHqecKoro nonoeHHA. CTeneHb HeoIpeAeZeHocrH Bpe3yfbTaTe 9TO}1 HecTa6HJTHOCTH 3HaqiTTehHHO 3aTpyXUAeT H xenaeT ripaKTmqecKHHeileJIecoo6pa3Hofipa3pa6oTKygoonrocpo'IHoi cTp aTerHHpa3BHTH 4DHHaHcoBoro ceKTopa.B cxJy 9TOrO OCHOBHOe BHHMaHHe B xAoRnage COCpe,OTOqeHO Ha 6nRxca4uHx Tpex-nrITHroAax.

1.3 B oronrocpoqHoM ImaHe ripaBHTenJbCTBO POCCHH AonXcHo IIocTaBHTB cBoef3aAaqeA pa3BHTHe 4HHaHCOBBIX pbIHKOB, nI0o6HBIX no cBoef cTpyKTypeH 3HaqeHHo

PIHKaM, KOTOpLIe CyIeCTBY1OT B KpyIIHLIX CTpaHaX C PLIHOqHOfi 9KOHOMHKOi. B AaHHoMAroKn8ae TaKaA 3agaqa onpe,eniAeTcA Ha gronrocpotmyHo nepcneKTHBy, ogHaKo,npeAviaraemaz CTpaTerFA orpaHHUeHa nIepHOXOM B TpH-fATh neT. Ho 9TOA npHq-MHeCTPaTerNA HanpaBfeHa Ha AOcTHKeHHe cnexwioax BaXCHbIX, HO 6oIee CKpOMHbIX i,eneA:

B Hacro=ee BpeMS UIeHTpanLHLIf4 6aHR POCCHH IIPOBOJHT CBOIOKpeAHTHO-AeHeXCHyIO nOJIHTHKy riJaBHbIM o6pa3oM riyTeMocyulecTBsneHsHAS nporpaMM HanpaBaieHHoro ]eHTPaH30BaHHOrO

KpeAToBaHHA, a OCHOBHBIM BHyTpeHHHM HCTOxIHHKOM pecypcoB AMripaBHTeJThCTBa ABJiLeTCS 4H433ISHLHOHHMI64 Hanor. B TeeHe 6nxafiHxTpex neT XeHTpanbHbIfI 6aHK gojDKeH pa3pa6oTaTb HHCTpyMeHT6I,KOTOpbIe IIO3BOjiST eMy IPOBOAHT KpeAIHTHo-geHexKHyio nomTKyaocpeA,cTBoM KOHTPOnA Ha8, geHexKHoA Maccof HJIH C IIOMOmIo

yCTaHOBjieHHA yqeTHofi CTaBK4, KaK 9TO xenaeTCA B CTpaHaX C pbIHOHOfI9KOHOMHKOf. B TO Ke BpeMS ripaBHTejCTBO AOJIHO 6BITB B COCTOHHH4HHaHCHPOBaT6 3HaqHTenJbHYIO qaCTb cBoero CyuXeCTBeHHO

1. B AaHHOM AOKiiae paCCMaTpHBalOTCI peOpMbI 6aHKOBCKoro CeKTOpa Ha MHKpOypOBHe, B TOBpeM3 Kax nomnmia no cTa6HjiH3amH 3KOHOMHKH 3SaTpaNBaeTCS[ IH BCKOJIL31.

2

coKpaTHBuieroi 61ioAxeTHoro ge4bHLTa 3a c'eT 3aflMOB Ha BHYTpeHHeM43HHaHCOBOM pbIHKe.

* B 6jmmaflume IIAT6 fieT 6o0bmiiias qacTm ()HHaHCOBBIX peCypCOB B PoccmH

AOR)KHa 6ygeT pa3MemaTbcA qacrTHbIM areHTaMH B yCJIOBHAX, KorAapLIHOqHBIe ileHBi OTpaXalOT oTHocHTenbIHBIf ge4HIHT TOBapOB H

pecypcoB. B qacmHocTH, qacmHuie KommepqecKHe 6aHKH gOfxmHbI

pa3menlaTh 3HatHTe3jTHy1O AOjUO KpeAHTOB B HapOXHOM XO3S11CTBe H

npa}KTHqeCKH Bce KpeAlHmI, pe,ocTawiemie HapoxIaio1eMycsIacTHOMy ceiTopy. AJIA Toro wo6bm o6ecrnew-b 9TH pe3yjmbTaThi a TaKxoe

B nopAuKe peieeHHi CaMOCTOSATejbHOf 3aAaqH, OpHeHTHPOBaHHOh Ha

gOjirOCpOqHyiO riepcrieKTHBy, COBMeCTHO ripaBHTeCJCTBOM H IJFE AoHnia

6umTh pa3pa6oTaHa npaBOBaS H peryJTJTopHaM OCHOBa, KOTOpaS 66io6ecneqHna B03MO)KHOCTb pa3BHTHAS 6aHKOBCKoro pbIHKa H pbIHKa

KaiiHTaj¶OB. KpoMe Toro, BaxKHO qeTKo onpe,eiHT6, qTo pa3pemaeTcs

geJiaTb Ha 9THX pbIHKaX KaxgOMy H3 gefCTBY1OUIHX nmU (BKJIIOqaA 6aHKK,

HHBeCTHgHOHHUI6e 4OHAbI, CTpaXOBMie KOMIIaHHH H 6pOKepcKHe 4)HpMm)

H KRaKHX H3MeHeHHfi OHH AOnXCHbI OxHAaTh B 6yAY1eM.

* LueHTpan6Hmfl 6aHK AOJIxCeH KaK MOxCHO cKopee pa3pa6oTaTmMaTepHajibHyIO XHHpaCTpyKTypy, Heo6xoAHmy1o ARA Toro, qTo66bI

KommepqecKHe 6aHKx MoriiH HMeTb B03MO)KHOCTh6 344eKTHBHO

OCyILMeCTBJISTb CBOH 4yHKIWH. CaMoul HeOTjiO>KHOi 11pHOpHTeTHOH

3aAa,ei B 3TOM niiaHe MBAMeTCS pa3pa6oTKa nJIaTe)KHof CHCTeMLI,

COOTBeTCTBYIOLUefl pbIHOqHOul 9KOHOMHKe. HlpaBHTeJThCTBO H

UIeHTpaJThHbIfl 6aHK TaKxe gOIxHbI Cnoco6CTBoBaTh iiOgrOTOBKe KIJpOB

AIs pa6oTmI B 6aHKax H XLI3 KOHTPOJIS 3a HX AeSTe3MHOCTh6O. 3TO

BKJUOqaeT OKa3aHHe nOMOILU B rIOrOTOBKe CrieHWHMCTOB B o6nacTH

6yxranTepcKoro yreTa, ayAHTa, KpeAITHOrO alaHa3a H (bHHaHCOB.

1.4 HaCTOAuIU AOKJiaA nOCTpoeH CJIieIyOiHM o6pa3OM: B rniaBe 1paCCMaTpHBaOTCSA o611e-9KoHoMHqecKHe npO6iieMbI, KOTOpbIe npe=1TCTBYEOT pa3BHTHIO

cpHHaHcoBoA cHcTeMLI, H npeAnara1oTcA Heo6xogWMbIe pe(4opmbi. B rnaBe 2 co,epxcwTcAormIcaHHe 6aHKOBCKOul cHcTeMLI POCCHH, AeHexKHo-Kpe,HTHLIx onepagHfl IXeHTpanJHoro

6aHKa, KpyIHbIX cneiXanjH3HPOBaHHbIX 6aHKOB H HapO)gaEOIigHXCM KOMMepqeCKHX 6aHKOB.

B rnaBe 3 o6cyxcAaeTcA npeAinaraemas cTpaTerHs pa3BHTHA 6aHKOBCKOfi cHcTeMbI H

nocTeneHHoe CBePTbIBaHH BIX nporpaMM Kpe ToBaHHA, WFO, nO BCef

BepOSTHOCTH, IIPHBeAeT K pa3yKpyrHeHHio CNeHaRHpOBaHHbix 6aHKoB. B rnaBe 4paccMaTPHBaeTcS pa3sH 6aHKOBCKOfl HH4ppacTpyKTypLI. B rInaBe 5 KpaTKoalaJIH3HPYIOTCA BOIlpOCEI, OTHOcAII>HecA1 K 4¢HHaHCHpOBaHHWO TpeX BaxKHbIX BHAOB

9KOHOMH'qeCKOf J eXTeJThHOCTH: cenI1cKoro X03AIACTBa, KaHTaJOBjiO)KeHHl H XKHJIHHOrO

4,oHAa.

3

2. (DHHAHCOBAA[ CHCTEMA H 3KOHOMH4ECKASA PE(DOPMA

2.1 -B 9TOI rJiaBe paccMaTpHBalOTCS o6ule3KoHoMHtecKIe Hpo6fieMBI, KOTOpMe

lperSiTCTBYIOT pa3BHTHIO (DHHaHCOBOfi CHCTeMbI H noBbInieHHiO ee 434eKTHBHocTHBCJie,CTBrHe HCKaxCeHHSA peanBHLIx xapaKTepHCTHK 9KOHOMHKH, TaKHX KaK CTpyKTypa IeHH onpeAxeneHHOCT B OTHOieHHH rIpaB Co6CTBeHHoCTH. B Heft TaKxe pa36HpalioTCIIOCJiegCTBHS rocygapCTBeHHoH rIOJIHTHKH IpegocTaBneHHA geHTpaJIH3OBaHHbIx Kpe,=TOBKaK cpexAcTBa nepegaqH cy6cmgmHH. Janee B HelI o6cyxKgaeTCs BOnPOC O TOM, KaK

cymieCrByiOaxee rIOJIoKeHHe B MaKpO3KOHOMHKe OcJIOCKHAeT npOBegeHHe 4JHHaHCOBOfkpecopMLi.

2.2 EaHKH pa3MewalOT (DHHaHCOBMie peCypCbI B COOTBeTCTBHH CO CrpOCOM Ha KpeRT

peaJHBIX oTpacJIef sKOHOMHKH. HCKaJKeHHS B cTpyKType geH H HeOAHO3HaqHocTh,cymleCTBY}IaAx B pOCCHACKOR 3KOHOMHKe B OTHOIuIeHHH npaB co6CTBeHHOCTH, BHAHIIOT HaKpeITHMIA CIIpOC H4 OKa3bIBalOT cep6e3Hoe B03XeHCTBHe Ha 43yHKUHOHHpOBaHHe H94XI3eKTHBHOCTb Bcef 6aHKOBCKOA cHcTeMbI. B noXgo6HbIX yCflOBHAX CTaHOBHTCA ropa3gOTpyAHee OileHHBaTh KpeAHTHme pHCKH. Co3xgaBieecq rIoJIo)KeHHe MeIIIaeT pa3BHTHIO6aHKOBCKoro ceKTopa, IIOCKOJTbKy orpaHHHBaeT THrbi onepaiyH1i, KOTOpbIe rOTOB

HIPOBOAHTL 6aHK, H BegeT K HX yXOpOxCaHH1O.

2.3 344eKTHBHOCTB 6aHKOB B pa3MeigeHHH peCypCOB 3aBHCHT OT CTHMyJIOB,CYI1teCTBYyOIBIHX B peaAbHOh 3KOHOMHKe H Ha cIJHHaHCOBbIX pLIHKax. Pa3MetueHHe peCypCOBB 3KOHOMHKe, AJI KOTOPOf xapaKTepHLI HCKaXeHHbIe ieHbl H CTHMYJblI AJIX 3aeMUXHKOB,no Bcef Bepo5ITHOCTH, OKacKeTCA BecbMa He9cI43eKTHBHbIM, gaxce ecnH 6aHKH 6yxy'pa6oTaTm 9(p"eKTHBHO H IIpH6BJITHO. CJiegOBaTejTbHO, pebopma 6aHKOBCKOf1 C4CTeMbIAoxDKHma cTaT qacTmio o6iek cTpaTerHH COBepmeHCTBOBaHHA pa3MelleHHA peCypCOB BpOCCHf{CKOfl 3KOHOMHKe.

2.4 B MacluTa6aX BCefi 9KOHOM1HKH OCHOBHbie fpO6JieMbI, npenrTCTByIoWHe(pyHKIgHOHHpOBaHH1O Hq 3(eKTHBHOCTH 6aHKoBCKOA CHCTeMbI, MOryT 6bITb pa3ejeHbI HaqeThipe UlHpoKHe KaTeropHH:

(a) OTCYTCTBHe ACHOCTH B CHCTeMe ueH. UIeHMI Ha TOBaPbI H (PaKTOpbIrIPOH3BOACTBa CHJIbHO HCKaxceHbI H He o6eCHeIHBaIOT HaAeX(HOI OUeHKHCTOHMOCTH H crIpoca. MHorHe MepbI rOCyxgapCTBeHHOfi IoInwHTCrIOC06CTBYIOT HCKa)KeHHIO OTHOCHTeJIHbIX ijeH: B HX "HCnO BXOTKOHTpOJIb LeH, orpaHHtleHHe M06HJIbHOCTH TOBapOB H 4paKTOpOBrIPOH3BOXACTBa, a TaK)Kxe BHeUIHeTOprOBhie OrpaHHqeHHA. fIOJIrrHKaIIpeygHa3Ha6qeHa AJIA CY6CH4pOBaHHA OnpegeJieHHbIX oTpacnefi HripegnpHA[THH. IHPOKOe pacnpocTpaHeHHe 6apTepa H HHLIX HegeHeXmx(0pM TOprOBJIH, HCiOJIb3yeMbIX KaK 3augHTa OT HHc3A91gHH, TaKxeCHHxaeT HH4(OpMagIHOHHYIO 3Ha'qHMOCTb geH B POCCHH. AXJI Toro qTO6bIo6ecne'qHTI B03MOJKHOCTbpa3BH4THA 934eKTHBHMIX cLHHaHCOBbIX Pb6HKOB.HeO6xOiHMO AaTb B03MOJKHOCTb iJeHOBOMY MeXaHH3MY o6eCneqI4BaThnepegraqy CHrHaIOB PbIHKa. FocygapCTBO HMeeT 3HaqHTeJIbHyIO CTrHeHbKOHTpOJIA B 3TOf! CHTyaWHH, rOCKOJIbKy OTCyTCTBHe ACHOCTH B CHCTrMe

4

ixeH B OCHOBHOM rOpOpoxeHO roCygapCTBeHHOH nOJiHTHKOA B oTHomemmCy6CmHfH-. FoCVflaDCTBO IIOJDKHO nPellOCTTaBJIATB CV6CHRHH TaKHMo6pa3oM. WTO6bI CBeCTH K MHHHMVMV HCKa)KeHHS ueHOBoro MeXaHH3MaHanpHMep, OCyIueCTBJnS1 HX B BHge OgHHOpa3OBbIX nriaTexcef HJIH BbIuInaT,ripe,Ha3Ha, eHHbIX AI onpeAejieHHbIX TOBapOB HJIH ycJIyr.

(6) HeOAH03HaqHocTb B BOIIpOCe o npaBax co6cTBeHHoCTH. MTO6bI 43HHaHCOBaSCHCT,Mra 4)YHKIWOHHPOBaiia OJIKHbIM o6pa3oM, Heo6xoAHmo, qTo6MinpaBa CO6CTBeHHOCTH 6bIJIH YeTKo onpeAeneHBI H BKJlOxa8AHB03MO)KHOCTH npegocTaBneHHA 3aa0rOBoro o6ecneqeHRA 3aAMOB HMeXaHH3MbI. rapaHTHpyiomHe bmIOJIHeHHe 06A3aTeJIbCTB nO KOHTpaKTy.Heo6xoAHMo pa3pa6oTaTb H fpHMeHATB npoieAYypy 6aHKpoTcTa HnOTepH npaBa BbIKyla 3ajioroBoro HMyIIUeCTBa. napnaMeHT H

InpaBHTen]bCTBO '{aCTHIHO pa3pa6oTajIH paBOBbIe OCHOBbI, Heo6xoAKmbIenAs oripeAeneHRA npaB co6cTBeHHocTH2 . OqHaKo B 9TOIl o6nacTH eige

Heo6xoAlHMo 1POBeCTH 6o0biyio pa6oTy (CM. rZiaBy 5), iiOCKOJTKyCHTyaLA B OTHOiLeHH4 ripaB H rapaHTHH HX co6JIoxAeHAs rioKa ocTaeTCs

HeOAH03HaqHOH.

HeACHOCTm B OTHOiileHHH ripaB CO6CTBeHHOCTH Ha npegnpHrHA co3AaeTCepbe3HbIe npo6JieMbI B BOipOCe CTHMYJIOB H 3HaqHTeJTBHO 3aTpyAHAeTOixeHKY KpeAHTOB. PYKOBO;XHTenH MOryT noAAaTmCs co6Ja3Hy

paCTaIIHTb" HpegrnpHATHe, TO eCTb HPOAaTb aKTHBLI no HH3KHM geHaM,C3KOHOMHTb Ha 9KCrrJIyaTauHOHHbIX H3gepXKaX H pacnpeAejiHTriOBbilueHHyiO fipH6bIJIb B BHXer HpCMHf. rIO06HbIe npO6IeMbI BCTaiOTOCO6eHHO OCTpO B HBIHeUIIHeM iIepexOAHOM nepHOAe, TIOCKOJMKY

C06CTBeHHHK npeAfpHATHA (rocy;xapCTBO) MOXCeT He CMOxL HJH He

3aXOTeTb BHHMaTeJIbHO OTCje)KHBaTb AfeHCTBHS PYKOBOACTBa

npeAnpHArT. (9Ty npo6neMy HPHHSITO Ha3bIBaTh npo6nIeMo xo03SHHa-

areHTa, rgRe B KaqeCTBe X03AHHa BbICTyrIaeT roCyAapCTBO, a

X03sIfCTBeHHbIif PYKOBOAHTeifb iBjS1eTCS areHTOM.)

MHorHe 6aHKI ripHiHaAjIe)KaT HpeArPHATHAM, KOTOpbIe HCHOJTb3ylOT HX

B KaqeCTBe KaHaZia HOflyqeHHA CpeXCTB. (9Ta iTpo6neMa H3BeCTHa KaK

CBsI3aHHoe KpeXHTOBaHHe, OHa paccMaTpHBlaeTC 6ojiee rioxpo6Ho BnoCJIeAyOIgwx rJaBax.) OCyiIeCTBJieMaA B HaCTOAiuee BpeMSI nDOrmaMaHDHBaTH3aUHH IB3IAeTCM H JIOJDKHa OCTaBaTbCS OCHOBHbIM HHCTDVMeHTOMrOCVuaDCTBa nEsr DeeueHHA ntDo6ieM. BO3HHKaioInHx H3-3a HeqCHOCTH BOTHOiiieHHH nDaB co6CTBeHHoCTH. rpaBHTejbCTBy cnexyeT nocTeneHHO

pacuimpATb IpHBaTH3aIXHIO, BKJI1OqHB B Hee HOKa He OXBaxeHHbIe

2. rlapjaMeHTOM 6EinH nPHHKThI TPH COOTBeTCTBYIO1IHX 3aKOHa: B AeKa6pe 1990 r. -- 3aKoH 0npaBax Co6CTBeHHOCTH, B oKTA6pe 1992 r. -- 3aKoH 0 3anore H B MapTe 1993 r. -- 3aKoH o 6aHKpoTCTB.e

5

IIporpaMMoH cenbCKoe XO3AfICTBO H KpynHbIe rocyAapCTBeHHbienpegxnpHAsA.

(B) nlpOrpaMMbi ueHTpajIH30BaHHbIX KipeaHTOB m rocyCapCTBeHHbIX cY6CHlIf.B HacTosiUee BpeMS O9HOH H3 OCHOBHLIX cIyHKuHU 6aHKOBCKOfk CHCTeM1IABnAeTCA ocyieCTBJeHHe nepegaqH rocygapCTBeHHbIX pecypcOBnpegnpHsTHMm. OKOJIO nOJIOBHIHbl BceX 3aHMOB, lIpegOCTaBjieHHIXKOMMepYeCKyMHm 6aHKaMH B 1992 r., npeXACTaBsJISH co60uiUeHTpaJIH3OBaHHbIe 1AejieBbie KpegHTbI, 43HHaHCHpyeMbie UeHTpaiEbHbIM6aHKOM HIiH 61oA,xeToM. TaKHe 3aIMbI 3aIaCTyIO ABAIOTCA (i)Cy6CHXIMMH XJI KOMneHcaLHH HCKa)KeHHH, OKa3bIBaiouxHX BnHAHHe Ha3aeMnIRKa, HanpHMep, KOHTPOJISI ueH; (ii) CpeACTBaMH KOMrieHCauHHnpegInpASTHSM HX H3,gep)KeK no COUHaJIbHbIM ycjiyraM; HJH (iii)cpe,CTBoM nomgepJKaHHA 3aHMTocTH (coxpaHeHHA pa6oTaiouHx). BoMHOIHX CJIy'qa5X KaK 3aeMI]AHK, TaK H Kpe)HTOP paCCMaTPHBaIOT 9TH3aHMbI KaK 6e3Bo3Me3AHyio nOMOlUb. TaKoe OTHOLueHHe pa3MbIBaeTpa3JIHHMEH Me)Kxy rOCyXapCTBeHHbIMH cy6CHm MH H 6aHKOBCKHMHccy,gaMH, Me)Kgy 6iOwKeTHOH Ha ,eHeKHOf nOJIHTHKOf4 a TaK)Ke MexgybyHKmuMH npaBHTeJIbCTBa, riperpHAITHH H 6aHKOB B 9KOHOMHKe. TaKoeCMeiijeHHe nOHATHH CHHKaeT mHHiOpMaiHOHHYlO UeHHOCTb pbIHOqHbIX

cHrHaROB, HCKaxcaeT CTHMyJIbI ARA KpeXHTOPOB H 3aeMUHKOB H, B o6uleMniiaHe, meiiiaeT pa3BHTHIo 6aHKOBCKOfI CHCTeMbI.

Ha ipoTSAKeHHH 6iiH)KafIWHX HeCKOJThKHX neT rocyxapCTBy, B03MO)KHO,no-rpe)KHeMy npH,geTCS cy6cHIwHpoBaTb pAA npegnpATHui. CnegyeTrIPOBeCTH YeTKOe pa3rpaHHqeHie Memxgy 6aHKOBCKOH CHCTeMOA H6IOAxKeTHbIMH qIyHKuHAMH npaBHTeJIbCTBa. BaHKOBCKHe KpegHTbI HeXOJIKHbI CRY>KHTb KaHajioM agsi nepexgaqH cy6cHgHft rpeXnpHsATM.Cv6cHiiHH mDeIIHHATHMM .UOJIXCHbI nDejiOCTaBJIATbC3 HaHPIMVIO B dbOpMe6ionxKeTHbIx TtaHccbePToBB a He JeiiLeBbIX KyeUHTOB. 9TH cy6cHIHAOJIKHMI 6bITb HaIIpAMYIO CBA3aHbi C 3agaqaMH, KOTOpbIe ripeAIIOnaraeTpeIIIHTb rocyxgapcTBo. HanpHMep, cy6cHWH g,iM roxgep>KaHsA YPOBHS3aHMTOCTH cJiegyeT rIPAMO onpeeJIATB KaK 6e3Bo3Me3AHylo nOMOUb HJIHHaIOrOBbIe KpexHThI, HaqHcjlgeMbIe Ha OCHOBaHHH IHcjia pa6oTaioumHx.rIpexnpHArT, npexCaocTaBffAIouge onpeAejieHHbie rocyxgapcTBeHHbIeycjiyrH, TaKHe KaK o6pa3oBaHHe HJIH 3grpaBOoxpaHeHHe, AROJRlKHbInOnIyqaTb npAMbie AOTagHH4.

3aMemeHHe UeiieBbIX KpeEAHTOB 6iOxeTHbIMH TpaHCqpepTaMH yBeIiHtIHjO6b1I OTKPLITbIU 6o0xKeTHEMH geWCHIHT, B TO BpeMS KaK 60JbIHHCTBOHbIHeIUIHHX nporpamm LAejieBorO KpeXHTOBaHHA (DHHaHCHpyIOTCS

HeriocpeACTBeHHO UeHTpajibHbIM 6aHKOM H He HaXOA5T OTpaxKeHH B6IoAxKeTe. OXHaKO 9TO pa3iiHiHie OTHOCHTCA JIH111 K BOHPOCY6yxraJITepcKoro yteTa H C TOqKH 3peHH5 9KOHOMHKH He ErpaeT 6o0bmHofPOJIH B COBpeMeHH]IX POCCHUICKHX YCJIOBH4IX, nOCKOJIbKY H ge()HIHT, Hriporpammbi geHTpaJIe3eBaHHoro yeiieBoro KpegHTOBaHHA (iacTm

6

KOTOPbIX Ha3lbIBaeTCX KBa3H4)HCKajbHbiM geJH=ToM) 4HHaHCHPYIOTCS3a cieT HHqpR43 HOHHOrO HaJIora3. Korxra 3TH cy6 cHAH 6yxgyTIIpeAOCTaBJTbTCSA B 6onee oqeBHAHOf 4)opMe, cTaHeT nierqe coKpaTTrb lxoffeM, IOCKOJIbKy 6yA,eT npowe BbISIBHTh H36bITOqHbIe TpaHcq)epTbI, T.K.

6yxreT nerie 06HapyxcHTb H36bITOqHbIe TpaHccbepTHbIe fniaTeJK; K TOMY

xe HpaBHTeJIbCTBy 6yAeT ierme OixeHHTb CBOH iTpHOpHTeTbI Ha OCHOBaHHH6onee OTKpbITOf HH4IopMauHH.

(r) MaKpO3ICOHoMHqecKasI HecTa6HBbHOCTb. (>HHaHCOBaA CHcTeMa PoccI He CMO)KeTpa3BHBaTLCII H rpaT6 CBOIO POJIh B Mo6HnH3aiHH H pa3MemeHHH pecypCOB,flOKa HMeeT MeCTO MaKPO3KOHOMIqeCKaA HeCTa6HJIbHOCTb. BMICOKaS 4H4JJISH

H BLICOKHe 3HaqeHHs OTPHixaTe3IbHbIX peaZJUHbIX npOUeHTHbIX cTaBOK ipPHBeJiH

K IHCqe3HOBeHHIO q3HHaHCOBbIX HOCpeAHHKOB H3 py6fleBOfi 9KOHOMHKH (AOJiA M2B BBl riocTeIIeHHo CHH)KaJIacb B TeqeHHe 1992 r. c 6onee qem 70 npOueHTOBB AHBapeg XO MeHee 20 HpoieHTOB B AeKa6pe). rlpogeHTHbIe CTaBKH H ueHLI Heo6ecnesHBaIoT HeTKHX CHrHanoB pbIHKa ripH HbIHeLIHeM BbICOKOM H BeCbMa

HiOXBHKHOM YPOBHe HH4jiAMiHH. KpoMe Toro, HLIHeIHSAS MaKPO9KOHOMHqeCKaS

CHTyaIMA 3aTpygHieT pa3pa6oTKy nOJIHTHKH ARA 6aHKOBCKoro ceKTopa,HOCKOJIbKY OHa oqeHb oCnoxU{HseT OileHKY 43HHaHCOBOrO rOiOioeHHA 6aHKOB H

HX KnHeHTOB. BaHKH H HpeAnpHrHS[ AReHCTBHTejThHO MOryT 6bIcTpo nepexoAHnH3 COCTOSHHS BLICOROH IIpH6bIJThHoCTH K HerIJIaTexcecnoCo6HOCTH H Hao6opoT.XIJiAI pa3BirTHA (HHaHCOBOh CHCTeMbI HeO6XOAHMO CTa6HJIH3HpOBaTh

pOCCHHCKyIO 3KOHOMHKy, a ieHTpanbHbIM a1IeMeHTOM Jmo6oi lriOprpaMMbIcTa6muIH3agHH AOJIKHO cTaTh coKpaiueHme o6igero o6beMa cy6cHAifi H

nepepacnpeAeLsiembix c1HHaHCOBbIX peCypCoB (TpaHC4epTOB).

CyiiTeCTBYIOT H ApyrHe CBI3H Me)KXJy MaKPO0KOHOMHIeCKOhflO IIHTHKOM

H IIOJIHTHKOf4 4JHHaHCOBoro CeKTOpa. OIIIT MHOrHX CTpaH llOKa3bIBaeT,

qTO KPH3HCbI B 6aHKOBCKOfI CHCTMee 06bIqHO rIpOHCXOAI5T B riePHOEbIBbICOKOII HHcnAUJHH HJIH HerioCpeACTBeHHO nocne ocyiIecTBneHHArIporpammii CTa6HJIH3aLlHH. rPHHHMaS peeieHiA B o6nacTHMaKpO9KOHOMHqeCKOf4 HOJIHTHKe H, B qacTHocTH, pa3pa6aTbIBasI

ilporpaMMy CTa6HJI3almi, IIpaBHTeJIbCTBO AOJUKHO OijeHHT6 B3aHMoCBAI3b

MeOAy (IHHaHCOBsIMH KPH3HcaMH H HHCJIUAIHe. C Arpyrofi CTOpOHblI,

OTCYTCTBiHe pa3BHTOf4 (IHHaHCOBOH CHCTeMbI 3aTpyHAeT OCyiIeCTBneHHe

nporpaMMbi cTa6HnH3aUHH, IIOCKOnbKy HeHeXHaA H KpeAHTHaS IOnHTHKa

AOnX(Ha CbirpaTB B HeH CBOIO pOJTb. OnbIT HepBoH HOIOBHHbI 1992 r.nIOKa3bIBaeT, tITO CnO)KHO npOBOAHTb xKeCTKyIO AeHeXHYIO HOJIHTHKy,

IIOCKOJTbKY 9TO MOxceT rIPHBeCTH K HerpeAHaMepeHHbIM pe3yJTbTaTaM,

HarIpHMep, K HaKOnIIeHHIO B3aHMHOf4 3aAojDKeHHOCTH ripeAinpHqTHH. 3TO

3. HanpEMep, HO CyUleCTByeT HHKaKOA pa3HHIEBI Mexgy MaKpO3KOHOMHqecKHMH HIOCfleICTBAmMH

porpaOMM iOelieBOrO KpOeATOBaHHA, 4)HHaHCHpyeMbix npaBHTeJIbCTBOM, KOTOphie OTpaxa1oTCX B 6ioAxeTe,

H nporpaMM, CDHHaHCHpyeMBEx LeHTpanBHbIM 6aHKOM.

7

HCKa)KeHHe B MexaHH3Me nepeAaqH o6LSicHAeTcS, riiaBHbIM o6pa3oM,3a,aTOsHbIM COCTOSHHeM (pHHaHCOBOfk CHCTeMB, a TaKxoeOCo6eHHOCTSxMH crpyKTypBI co6cTBeHHocm npexnpK3tTHKI.

B nOpAAgKe o6o6meHllM MO)KHO CKa3aTb, WTO peC)OPMbI B 6aHKOBCKOMCeKTOpe AOJIXCHbI CTaTb qacTbio o6ige9KoHoMHqeCKof CTpaTerHH BMacuiTa6aX BceH CTpaHBI c uexnbio YCOBepiueHCTBOBaHHA pa3MeiueHmpecypcoB. TaKaA cTpaTerHA AO3xHa BKJIIOqaTb paAHoHajiH3aiWiorocyCapCTBeHHbIX CY6CHAHf H ApyrHX TpaHc4JepTOB, oco6eHHO B ceKTopenIpexnpEisIM. IflomHMo COKpfemHi o6igero o6beMa TpaHc4)epTOB,IIpaBHTeJIBCTBO onxcHo o6ecreqWM HHCTPyMeHT HX nepexatH, KOTOpBI61He OKa3BIBaji 6b BJHAHHA Ha CHCTMey geH H He CTHpaIi pa3rpaHHteHHAMe,CKy 3aMaMmH H 6e3Bo3Me3xfHoH riOMOUThIO. PeajrH3yeMas B HacToAmeeBpeMS rporpamma rIpHBaTH3aUHH, KOTOPa5 riomoraeT teTKO onpeAejiHmrpaBa co6CTBeHHbocTH, AORKHa nocTeneHHO paCUpIHPTbCX C TeM, qTro6bIOXBaTHTb HOBI6e OTpaCJIH, HanpHMep, CeJIbCKOe X03AACTBO H KpyrIHbIerocygapCTBeHHbie IpernpHTHA. IIpaBHTeJTBCTBO TaK)Kxce ORHO C03XaTbCOOTBeTCTBY1OUIHe HHCTHTYT]I H nOgrOTOBHT6 HpaBOBsYO OCHOBy,HeO6XOxiHMywO gI rapaHTHH o6ecileteHI npaB CO6CTBeHHOCTH.flpeo6pa3oBaHHe MHOrHX CTOpOH POCCHACKOR 9KOHOMHKH H, Boco6eHHocTH, pa3BHTHe 6aHKOBCKOfI CHcTeMbI, HCIIrTbIBaeT 3aTpyAHeHHeBcjie,CTBHe HecTa6HJILHoCTH MaKpO9KOHoMHteCKOfl cHTyaLIHH. BHaCTroSI=eM AroKnagie He paccmaTPHBaeTCA npo6fleMa pa3pa6oTKHBbI3bIBaiOigeA 9OBepHe nlpOrpaMMbI CTa6HJIH3aIHH, HO B HeM OTpaxceHbIABa Ba)KHbIX MOMeHTa, OTHOCAIEHXCS K 9TOMY BOrPOCY: B HbIHemHHXYCJIOBHAX HeBO3MO)KHO pa3pa6OTaTh H OCy1ieCTBH4Tb IUHPOKYIOpeOpraHH3auHiO 4)HHaHCOBOf CHCTeMbI; BO MHOrHX gpyrHx CTpaHax(IIHHaHCOBbIe KPH3HCbI npOHCXO;HJIH B nlepHOXbI BblCOKOh HH)JIATUKHH HJHBCKOpe nocJie HHX.

8

3. OrIHCAHHE POCCHRCKOR BAHKOBCKOfR CHCEMb:COBPEMEHHOE COCTOSAHHE

3.1 B gaHHO8H rniaBe coAepxHTcA onHcaHHe cyuMecTBy1Oieh CTpyKTypbI poCCHiCKOf16aHKOBCKO4 crcTeM6I4 . OcHoBHoe BHHMaHHe yejmeTcsA ee OCHOBHbIM HHCTHTyTaM, HXopraHH3aIWH H OCHOBHBIM BHAaM Ae3TreRbHOcTx a TaKxe OCHOBHMIM rIpo6eMaM

6aHKOBCKOff cHcTeMU. PacCMaTpHBaeTCAI geHeXcHO-KpeAHTHas nOH'rHKa UeHTpaJmHoro

6aHKa PoccHm5. AaJIee B riaBe paCCMaTpiBeTCSI AesTeJMHOCcTh KOmmepYecKUX 6aHKoB H

npexnaraeTCA KnaccH4)HKaimA 4yHKUHOHHpyOWUX B PoccHH 6aHKOB 11o HX 3HaxIMocTH.

B 3auniowemue aHaJI3HpyIOTCA cTpyKTypa H AeeSTejHoHct Tpex KpynHe3umHxCiIeixHaHM3HPOBaHHbIX 6aHKoB C6ep6aHKa, PocceJMxo36aHKa H flpoMcTpoA6aHKa.

AeHexHo-Kpe,aHTHas IoJI0THKa UeHTpaJIbHoro 6aHKa Poccin

3.2 LeHTpajibHM6 6aHK nPoBo0HT yqeTHy)o riomnTKy, KoTOPaS TeopeTwiecKH

IIo3BOnJ1eT 6aHKam 6paTm B3aAMbm CpeACTBa Ha onpegeeHH6EIX yCJIOBH3X. YqeTHas CTaBKa

KpeAHToB UeHTpa&rHoro 6aHKa KOmmepYecKmm 6aHKaM B HIOHe 1992 r. 6LTIa nOBbMIeHa

c 40 Ao 80 npoijeHToB, a B MapTe 1993 r. Ao 100 npoileHTOB. B yCJIOBsX HH4)JISW,

cocrawmoMefi 6onee 1000 nIpoLeHToB, Hemm3S oxcHaTb, 1TO yieTHas cTaBKa B pa3Mepe80-100 IIpOixeHTOB Mo)KeT IIPHBeCTH K pawioHHpoBaHH1O B HC11H0J3OBaiHH pecypcoB. HailpaKTHIKe y-IeTHas no1JHHKa HCn1JTb3YeTCA riOTH HCKJUoqHTeJTbHO B KaqeCTBe KaHana

peaRMarH nlporpaMMbI pacripexejieHAs iAeHTpaMU3OBaHHLIX KpeARToB.

3.3 B 1992 r. 1jeHTpaRLHmrIA 6aHK BbiIaTHj OKOjiO 2,8 TPH3IJ¶HOHa py6nek B BHAe

iAeHTpaAH3OBaHHbIx iejieBLIx KpeAHToB, ITO cocTaBno 60Onee 95 npo0LeHTOB o6uwero

o6feMa KpegHTOB, ripexocTaBneHHbIx KoMMmepYeCKHM 6aHKaM, H 6onee IIOJIOBHHbI BceH

AeHeXKHO MKCnIaHCHH 3a yKa3aHHIA riepRoA. B paMKax 9THX ripOrpaMM 3aeMUlHKHo6romapHBanm o6seM H yCJIoBHA KpeAIHTOBaHHSI C nIpaBrTemTrCTBOM, UeHTpaJTHHbIM 6aHKoM

H MecTHbIMH BnacTIMm. B iXenoM 6aHKu urpainu HcKJuO'TejbHo rIacCHBHY0 poJM

1POBOAHHKa 4HHaHCoBBIx pecypCoB. Ta6mnxa 3.1 OMKa3bIBaeT, qTo no0IqT Bce 4)HHaHCOBbIe

pecypcwI 6bIH npeAocraBneHbI B paMKaX qeTmipex riporpaMM: ceJIbcKoe X03SdUCTB0 (461ipo0LeHTOB), IIpoMb11ljieHHbIe npeAnpHrrHs (18 npogeHTOB), TonJIHBHo-3HepreTH'ecKCfKceKTop (14 IpoijeHToB) HI TeppHTOPHI KpakHero ceBepa ( 1 nIpogeHToB)6. H porpamma AiLAcenBcKoro X03AACTBa 6uIna HanpaBjeHa Ha BHU>I gereJIHOCTH, B CaMOM IHPOKOM

CMbICne CBI3aHHbie C CeJThCKHM X03SACTBOM, H BKJIO'lana ieJmlIk Ha6op HHCTpyMeHTOB OT

KpeAHTOB 4)epMepaM H 3arOTOBHTejiBHbIM opramH3aiuM 3aOiMOB, npeXocTaBneHHBIx

4. OIICaHHe 3BOJIIOLWH 6aHK0BCK0A CHCTeMbi c 1987 r. nlpHBOATCI B: Russian Economic Reform:Crossing the Threshold of Structural Change, BceMHpHpni 6aHK, 1992 r, cTp. 106, BCTaBKa 7-1.

5. X,pyre F araKTOpbI, OKa3MIBaioUxHe BJNHSHHe Ha daHKOBCKYIO CHCTeMy, flOAO6HO paCCMOTpeHbI B

rnaBe 4. OpraHK3aAKu H CDyHKIHOHHpOBaHKe IOHTpaJmbHOro 6aHKa, OrIHCaHLI B pSAe AOKJaaOB, HeAaBHO

BbIflyUqeHHbix MexcAyHapoAHbim BanIOTHbYM C4OHAOM.

6. AaHHbLi pa3.en OcHoBaH Ha H3AaHHH "Explicit and Implicit Subsidies and Financial Transfers

to Enertprises: a Strategy for Downsizing and Reform", BbmlyueHHoM BceMHpHBIM 6aHKoM HMexyHapoAHbIM BIioTHLiM 4COHAOM B MapTe 1993 r.

9

arpapHoW npoMbHnjIeHHocTH H TpaKTOpHbIM 3aBogaM. HIOKBapTanbHoe npegocTasneHHepeCypCOB B PaMKaX 9THX T1pOrpaMM B 1992 r. cocTaBHJIo npH6JI13HTenTHO 100,200, 700H 1 800 MHjijmapXoB py6neA7 . 3TH }1H pbI CO BCef oqeBHAHOCThio nOKa3bIBaioT, rolpOrpaMMBI geiieBorO KpeXHTOBaHHA ABJIS3HCB OCHOBHbIM HHCTpyMeHTOM geHexHOA

HOMITHKH B 1992 r.

3.4 ILHHpOKoe HCHOJh3OBaHHIe nporpaMM ieZieBoro KpeXHTOBaHHA 3aMeAJAeTpeciopMy 6aHKoBCKoro ceKTOpa,nOCKOJIbKY TaKoe KpeAHTOBaHHe He Tpe6yeTpa3pa6oTKH4opM 6aHKOBCKHX onepaLHfl, 06MFqH0 CBS3aHHbIX C 6aHKOBCKHM KpeAHToBaHHeM, aHMeHHO, flpHBJIeqeHHS AgenO34TOB H OgeHKH KpeXHTa. 9TH KpegHThI nepepacnpegenunHCpeACTBa KOHKpeTHLIM npeAnpHAmHm, perHOHaM H IrIOOTpaCJAM 9KOHOMHKH, H HXpacripexenieHHe oTpa)Kanjo cKopee cnoco6HOcTH 3aeMHKoB ,o6HBacm AJIA ce6snpeHmywecrBa H Hx nomiHTHqeCKoe BJISHHHe, He Y3HT6IBaA 3KOHOMHqeCKOff HJIH4DHHaHCOBO Igejiecoo6pa3HocTK. B;onee Toro, nporpaMmmi geneBoro geHTpaniHosaHHoroKpeAHTOBaHHS1 B TOM BHAIe, B KaKOM oH0 OCyigeCTBAISOTCS B HaCTOsAIee BpeMs, oCJIa6JIIOTBO3MO)KHOCTH UeHTpaJEbHoro 6aHKa KOHTpOJIHpOBaTb KpeAHTHyO 3KCriaHCIO, 3aTpy=OTnEo6bIe riormrimK cTa6HJIH3HpOBaTb sKOHOMHKY H 3agepXKHBaIOT nepecrpokKynpeAnpHA1HH.

Ta6nrHna 3.1 rIporpaMMII 6ieneBoro KpegHToBaHHs, 1992

CyMMa rpogeHT

(MnpA. py6) BBrl

KpexHmI UIS 2800 18,0CeJbCKoe X03SIICTBO 1300 8,3TonnrHBHo-9HepreTHmqecKH KoMconIeKc 400 2,6CeBepHie pafOHbI 300 1,9HpomimiuneHHocm 500 3,2Ilpoqee 300 2,0

rocy,apcTBeHHMe Kpe,HThI 780 5,006opoTHIIe cpegcrBa 600 3,8KanTa.noBnoxceHHAs H nporpaMMBI KOHBepcHH 180 1,2

HToro 3580 23,0

7. KpoMe sToro, B 1992 r. 60nIee 800 MjUIHazPAOB py6.neA iXeaieBbix KpeANTOB 6bi6o BbmaHO BpaMKaX Tpex [pOrpaMM rocyAapcTBeHHoro KpeANTOBaHH3I, KOTOpmOe 4jiHaHRCHpoBanHC6 N3 6oAxpKeTa. 3m

pOprpaMMbI 6wbLI H3aeiiebIL B nepByYo oqepeAb Ha OKa3aHme noMoULH ripOMEnUJIeHHl6M npeAnpHITHIM:oKOjiO 600 mMjiUIaPAOB py6net upeAHa3HamaAOCb Aim "HHAeKCaLiHH o6OPOTHbiX cpeACTB" H 6ixno BbAaHOHenOCpeACTBeHHO npz1ApHATHM. OcTajibHbie 4DHHaHCOBlie peCypCli 6bJJIH BbMezJIeHbE Ha HHBeCTHINHH HXOHBOeCpcO BOOHHbl OTpacnOe npOH3BOCTBa H 6bmu pacnpegejieHLi epe3 6aHKOBCKYIO CHCTeMy.

10

CIIcTeMa KOMMepMiCIcHX 6aHICOB

3.5 CHcTeMa KOMMepiecKHx 6aHKoB POCCHH CyI1eCTByeT Bcero RHlb OKOJIO 11ATHfleT, H ee cTpyKTypa H LXejiH npeTepneBaloT oieHb 6bICTpbie H3MeHeHHA. BbICTpO MeHSeTCA

60JIbIUHHCTBO OTXeJIbHbIX 6aHKoB. B CHJIy 6ecnpeiAeAeHTHoro MacuiTa6a, xapaKTepa H

CTpP.i4HTeJIbHOCTH 3THX HepeMeH, aHaJIH3HPOBaTb CHCTeMy KOMMepqeCKHX 6aHKOB POCCHH

HJd3> *paBHHBaTB ee c OnIblTOM gpyrHx cTpaH 'pe3BbIqaHHO 3aTpygHHTeJIbHO.

3.'3 OAHOii H3 riJaBHbIX XapaKTePHCTHK POCCHRCKOA 6aHKOBCKOH CHCTeMbI ABJISeTCA

e.. e pa3JIHqHe Me;Kgy 4byHKIgsHMH C6ep6aHKa (C6eperaTeJnbHoro 6aHKa) H Bcex gpyrHxi.OB. C6ep6aHK OpHeHTHpOBaH Ha npHIBnejeHHe BKnaJOB ceKropa gOMaUHX X03Af4CTB,

KToypbie XO HegaBHero BpeMeHH aBTOMaTHieCKH HalpaBJIAJIHCb Ha 4CHHaHCHpOBaHHe

AcsHIJHTa rocyAapCTBeHHoro 6lo,xeTa. p,yrHe 6aHKH 1IPHBneKa1oT BKnaI r1pe1npH5srrIHfipeAOCTraBJIAIOT HM KpeARThI. HeCMoTpA Ha OTMeHy 3aKOHogaTemJH]Ix orpaHHIqeHHi,

L3TOpi6e HHpHBeJH K TaKOMy pa3JIHHIO $yHK9HfH, CHTyaiUA MeHAeTCS BeCbMi M megeHHO,, riOCTerieHHO. IloTpe6yeTcx KaKOe-TO BpeMA, npexge qem C6ep6aHK HalqHeT HrpaTbBa)XHYIO POOb B OTHOiueHHX C ripeA1pHATHAMH HJIH npezxne 'eM gpyrHse 6aHKH cMoryT

rIPHBJeI4b CyIuAeCTBeHHYIO qacTb C6epeXceHHHXI OMaIIHHX X03Af1CTB. TaKas ABOfiCTBeHHOCTmB pa3geJieHHH 1yHKUHfH CHHECaeT YPOBeHb KOHKypeHLIHH B 6aHKOBCKOfl CHCTeMe.

3.7 Pa3MepbI 6aHKoB. B PocCHi 4geCTByeT 6ojiee 1 700 He3aBHCHMBIX KOMMep'ecKHX6aHKoB. XOTS 9TO KOjiHqeCTBO MOxeT rIOKa3aThCS[ OTHOCHTeJITHO BLICOKHM, 600LUiHHCTBO

- 9TO mabmie 6aHKH (CM. Ta6JIHLiy 3.2). Bionee 75 11POLieHTOB BCex 6aHKOB (1 295 6aHKOB)pacnonara=oT ycTaBHbIM KaIHTanoM MeHee 50 MHJIIHOHOB py6nefl, H JIWlb MeHee 511POLieHTOB (65 6aHKOB) HMeIOT yCTaBHOfi KaIIHTaA, ripeBbmIaio}HI 200 MHJIJIHOHOBpy6niefi. B aBrycTe 1992 r. ULeHTpaJibHblM 6aHK IIOBbICHJI MHHHMaJIbHbIH YPOBeHb YCTaBHOrOKamITana go 100 MHJJIHOHOB py6nief (B 1991 r. 9TOT YPOBeHb XOCTHran 5 MHJIJHOHOBpy6nef4) H riOCTaHOBHJn, WTO BCe gefiCTBYiOHe 6aHKH AOJIXKHbI yBeJiHq'iTB YPOBeHb

yCTaBHOrO KaIIHTaJIa Ao 9THX pa3MepOB K HIOJIIO 1993 r.

3.8 KpynHefxnHe 65 6aHKOB KOHTPOJIHpYIOT OKOJIO 70 ripOileHTOB BCeX aKTHBOB H

o6A3aTenbcTB 6aHKOBCKOH CHCTeMbI, IIpH 9TOM Ha AojnEo 5 CaMbIX KpynHbIX npHXOwHTC3

OKOJIO OXHOH TpeTH BCeX PipegOCTaBJIeHHIX 6aHKaMH 3afMOB H BCeX 6aHKOBCKHX aKTHBOB

Poccen6xo36aHK - 15 npouweHToB, C6ep6aHK - 8 IIpoIXeHTOB. Moc6H3Hec6aHK- 5ripoLgeHToB, flpoMcTpofi6aHK - 3 rIporieHTa, MOCKOBCKHf rlpOMbIulEZeHHbIf 6aHK - 2npoIeHTa (CM. Ta6xrHuy 3.3).

3.9 XOTS HaqHHaA C 1991 r. Ha6nIIoXAanCIA POCT KaIIHTaJIa Ha KTHBOB 6aHKoB, TeMnibiWToro pocTa ene riocrieBanH 3a TeMriMaH HHDnsLUHH. I1OBbIiueHHe Tpe6OBaHHA BoTHOTieHHH MHHHManbHOrO pa3mepa yCTaBHOrO KaHHTaiia nlpHBegeT K nOIBjieHH1O 6oneeKpyrIHbIx 6aHKoB JH60 B pe3yJITaTe peKaiHHTanK3aH X C nOMOiUbO aKIHOHepOB, nH6o1iyTeM CJIHAHHf4; HO H 9TO HegaBHee rIOBUIueHHe YpOBHA Heo6XoHMmoro yCTaBHOrOKariHTana 6i6ino CJIHIIKOM He6oJII6iMH, H yxKc OKa3anjocb inoroweHHbIM RH4)j1SLAHeA.

11

3.10 B PocciH geXHCTByeT OKOjio 43 000 )HJIHajiOB H oTgeJieHHfl 6aHKOB, qrTOcocTaBjLieT OxgHO y"pexgeHHe ripMHepHO Ha 3 500 KHTeneu. TeopeTHqecKH TaKa3irIJIOTHOCTB COOTBeTCTByeT noKa3aTejIsiM MHorHx pB6HOqH]6X 9KOHOMHK: B CIIA 9TOTrlOKa3aTeJIb BbHIhe, a B AnOHHHI - HHx(e. rIo tHCJIY oTgeiieHHi 6aHKH pacnpegenIoRTcx eige6onee HepaBHoMepHo, qem nO KanHTajiy H aKTHBaM. JIlHLUb XBa 6aHKa HMelOT ceTmoTgenieHHH, KOTOpaA OXBaTBIBaeT 6oJIbiuyo taCTm TeppHTOPHH PoccHH: C6ep6aHK,HMeioiilHH OKOjio 40 000 oTgeiieHHl, H Poccenlxo36aHK - 6onee 1 000. Ha 9TH ABa 6aHKarlpHXOuHTCA 6onee 95 npOLXeHTOB Bcex oTAejieHHh B CTpaHe. BOJIbIIHHCTBO XIpyrHx 6aHKOBBOo6ige He HMelOT oTgenieHHf H JIHIUb majioe KoJIHIecTBo KpynHeiiuIHx pacnojiaraloT6onee gem XeCATbMO OTXeiieHHMMH KaxcbIH HuH4 OTKPI6JIH CBOHI oTXeIieHHA B ,UpyrHxropogax. HaripHMep, MOC6H3HeC6aHK - HMeeT 36 oTgeiieHHf4, 16 H3 KOTOpbIXpaCiOiO)KeHbI B MOCKBe; COOTBeTCTBYOIOIHe IIoKa3aTeJIi gia TOKo6aHKa - 10 H 2, 6aHKa"BO3PomKeH4e" - 47 H 37. Bouiee 45 rPOiLeHTOB OTgeiieHHfi Bcex 6aHKOB cocpegOTogeHOB MOCKBe H MOCKOBCKOii o6naCTH (CM. Ta6HiHUy 3.4).

Ta6nHga 3.2 PacnpegeneHHe 6aHKOB nO o6beMy aKTHBOB

Pa3MepbI KaIHTaiia KOjiHqeCTBO 6aHKOB

01/01/92 01/01/93

MeHee 5 MJIH. py6. 484 36% 318 18%

OT 5 go 25 MiH. py6. 589 43% 714 41%

OT 25 Ao 50 MJIH. py6. 129 9% 263 15%

OT 50 go 100 MIH. py6. 106 8% 211 12%

OT 100 go 200 MJIH. Py6. 33 2% 142 8%

CBbILUe 200 MIH. PY6. 19 1% 65 3%

HToro 1,360 |_ | 1,713 |

12

Ta6JrHLia 3.3 llBaniaTm KIDVHefIIHX 6aHKOB POCCHH

(Ha 1 SHBapS 1993 r., B MHjiflHap,ax py6nieft)

EaHK ropOg AXTHBU CooTHouwe- CcyAU COOTHO- KanN- npH- CooTHoueHHe HueHHe Tan 6wbi -HHe ccyg

aKTHBoB CCyY H axTmBon

Poccejbxo36aHK MocxBa 1684 17 782 15 10 - 0.5

C6ep6aHK MocxBa 900 1 407 1 9 65 0,5

Moc6H3Hec6aHK MocKBa 695 13 250 - 2 16 0.4

|lpoMcTpoii6aHK MocKBa 451 4 135 10 2 12 0.3

MocnpoM6anK MocKna 313 8 83 8 2 9 0,3

ToKo6aHK MocKBa 271 57 27 9 13 - 0.1

YHHjcom6aHK MocKna 263 - 68 - 1 1 0,3

flpomcTpoii6aHK CaHKCT- 235 10 27 7 1 3 0.1

nfeep6ypr 1

Kpego6aHK MocKBa 218 39 26 8 9 3 0.1

HHKoM6aHK MocKBa 215 25 42 6 5 5 0,2

3neKTpo6aHK MocKxa 186 74 151 71 2 3 0,8

HMnepHan Mocucna 167 - 6 - 38 2 0,0

3ancH6xoM6aHK TioMeHb 166 7 37 5 1 5 0,2

Arponpom6aHK POCTOB 124 17 48 13 1 4 0.4

Ky36acnpo6aHuC KeMeposo 121 12 54 18 1 4 0,4

BaHK MocKaa 119 7 44 7 1 6 0.4

B03oapAJeHHe

MOCKOBCKNfi aMe,i- MocKBa 114 11 45 9 2 8 0,4

perHOHajlbHbii 6aNK _

OmcKnpoM6aHK OMCK 105 - 16 - 0 3 0,2

ABToza36aHN ToibrTTH 100 - 30 5 2 4 0,3

'4enHHA6aHK Mens6HHcK 95 - 43 - 1 6 0.5

HToro: _ 6542 - 2351 _- - 0,4

(Begyuwe 20)

HToro: _ 9809 - 3662 _ _ _ 0.4

(neAyu4uelOO)

IHpHM'CaHHA: CUHCOK 6bmI cocTaBnCH Na OCHOBe AaHHBIx, UpecTraBjIcHHLIx 6aHKaMH Ha UOJIYO06pOBO3ThHO1l OCHOBC. HeKoToPaze AaHHbIe

MOrYT OKa3aTbCA UpeCB3RTBIMH, a HeKOTopEle 6aHKH MorinH HC BOfITH B CHHCOK.T.K. OHH PCnUIKH He npCAOCTaB&ITB HH4)OpMaUKH o

ce6e./

CooTNomeNc aKTmo. - oTHorHeHHo pa3mepa aKTHBOB Ha 1 XHBapx 1993 r. K aKTHBaM Ha 1 AHBapz 1992 r.

CooTomcec cyA - oTHonleHHlo o6feMa ccyg na 1 ABBapa 1993 r. K CCyAaM Ha 1 sHBapx 1992 r.

COOTHomCHHeC CC H aKTHBOB - OTHOIUCHHJO 061CMa CCYA K pa3Mpy aiKTHBOB Ha 1 xHBapx 1993 r.

13

Ta6nnula 3.4 reorpacbH'ecKaA KoHUeHTDauHM 6aHKOBCKof CHcTembI(Ha 1 OKTA6pA 1992 r.)

PermOH KojuiqecTBo 6aHKOB KojimqeCTBOoTZeJIeHHfl H

4HiJHanos1B

CeBepHbIuf 58 57CeBepo-3anaAHbIM 18 28(3a HCKmIoqeHHeM CaHKT-rIeTep6ypra)

CaHKT-fleTep6ypr 31 59

UeHTpaAbHbIM 153 217(3a HcKAio0eHHeM MOCKBbl)

MOCKBa 366 1254Bonro-BsrTcKHfi 72 33

ULeHTpanbHo- qepHO3eMHbIH 38 81TIoBojDKbe 126 209

CeBepo-KaBKa3cKHfi 247 209

YpajbcKi 158 283

3anaxHo-CH6HpcKHfl 137 136

BOCTO0tHO-CH6HPCKHf 70 99gajibHeBocToqHbIH 127 145

KaAHHHHrpaACKaSI o6nacTb 24 15

IToro 1634 2786

rlpHMeqaHHe: AaHHbI6e no C6ep6aHKy B AaHHOH Ta6jimle He npeXJCTaBJIeHMI.

3.11 FnaBHoe, TO npHBeAeHHaM 3Aecb xapaKTepHCTHKa yKa3bIBaeT Ha ripaKTHtecKoeOTCYTCTBHe KOHKypeHLEHH. 3a npegenamu MOCKBbl H CaHKT-IIeTep6ypra 6OJbIBUHHCTBOgrOMaIIIHHX X03S1fCTB H npeApHSATHA MoryT noJIb3oBaTbcA ycjiyraMH nHIlIb oAHoromecTHoro 6aHKa. KpoMe Toro, npo6JleMa ycyry6niieTcs HeygOBjieTBOPHTenjbHbIMCOCTOAHHeM cHcTeMbi CBA3H.

3.12 BaHKH: B03HHKHOBeHNe H npmHaxwe)xsHocTb. fOlTH Bce 6aHKH ABJISIOTCAaKUIHOHepHBIMH o6iieCTBaMH, C03gaHHbIMH B Te eHHe nociexHHX ABYX neT. OKono 7006aHKoB, BKJIIOqaJa 6oJbmHHCTBO KpyrHbIX, BbIAeJIHJIHCb H3 6bIBUIHX COE03H2bIX

14

cneI.HaJIH3HpoBaHHbIx 6aHKoB. OcTajmbHbIe 1 000 6aHKoB 6BI3H CO3MaHEi aKIHOHepaMH "IC

HyJIM" nocJIe 1990 r. 9TH 6aHKH Ha3bIBaEOTCS "HyneBbIMH" ; KaK IIpaBHJO, OHH OqeHL ManII.

3.13 fIo CTPyKType co6CTBeHHOCTH 9TH ABa THIIa 6aHKOB CHJTh6HO pa3nHqaeTcs MexI

co6of. KpynHbie 6aHKH iacTo ripHHaXiiexcaT COTHAM H gaxeK TbICSxiaM aKIHOHepOB.

rocygapcTBo qepe3 FOCKOMHMyIueCTBO, UB 1H ApyrHe opraHH3agHH ocTaeTCs coBmaAemI6ieM

MHorHX KpYnHbIX 6aHKOB, BKRIOxiaI C6ep6aHK H PoccenJxo36aHK. C gpyrofi CTOPOHBI, Kpyr

CO6CTBeHHHKOB 6oJIImIHHcTBa "HyjieBLIX" 6aHKOB orpaHHxreH, a HeKOTOPbIe K3 HHX

ABJISIOTCA co6CTBeHHoCTEIO Bcero HeCKOnIKHx aKiRHOHepOB.

3.14. OAHOBpeMeHHO C npHBaTH3anHef1 npe,npsTHH npoHCXcoT nocTerieHHas

HIPHBaTH3a1EHA KpynHbIX 6aHKOB. lIoHaxLajiy Bce KpyrHBIe 6aHKH npIMO HJIH KOCBeHHO

HaXoAHJIiHC B co6CTBeHHOCTH roCygapCTBa. lix aKLHOHepaMH 6bIInH 0owTH HCKnJo0HTeJTHo

npeXnpH5THS1 HIiH rocyAapCTBeHHbIe yqpexKgeHHs. 3To noJIoxKeHHe 6biCTpO MeHAeTcA rio

mepe TOrO, KaK aKL1HH (cymeCTBy1OuHe HJIH BHOBb BE,InyCKaeMbIe) npOAaiOTCs

KOonepaTHBaM, aKiHOHepHbIM o6iijeCTBaM, qaCTHbIM KOMnaHHAM H 'aCTHbIM JiHLaM.

B5aHKIG TaKIKe cTaHOBATCS qaCTHbIMH no Mepe TOrO, KaK rocyxapCTBeHHmie npernpHMTHA,

MBnAIioIecA HX OCHOBHE6IMH aKLIHOHepaMH, CaMH flpeo6pa3yIOTCS B aKLuOHepHLie

o6UJeCTBa H npHBaTH3HpyioTCs.

3.15 HOBasi cTpyKTypa co6crBeHHocTH, IIpH KOTOPoR 6aHKH npHHanexeKaT, B

OCHOBHOM, ripeAripHATH15M, He ABJIAeTCA OrITHManETHbIM BapHaHTOM. TaKas cTpyKTypa

cHoCO6cTByeT 3aKpenneHHIO IIIHpOKO paCnpOCTpaHeHHO B POCCHuCKOl 6aHKOBCKOH

CHCTeMe npaKTHKe KpeAHTOBaHHS CBOHX aKgHOHepoB H CBOHX KJTHeHTOB. flOHaqajiy

60JIIn,HHCTBO 6aHKOB ripegOCTaBJXJIH KpeRIHThI no'TH HCKjIEOHTeiJHO CBOH1M

Co6CTBeHHbIM aKijHOHepaM. TaKoe KpeXJHTOBaHHe no-IpeXKHeMy CoCTaBjMeT 3HaqEHTeJThHYIO

IacTTb o6mero o6beMa KpeAHTOBaHHA, XOTS KPYfHbIe 6aHKH nocTeneHHO HaqHHaEOT

BbiAaBaTB KpeAHTbI He CBX3aHHbIM C HHMH 3aeMLgHKaM. KpejTwOBaHHe Co6CTBeHHibX

aKUHOHepoB HMeeT BeCbMa orpaHHqeHHbIe MaCiuTa6bI B pa3BHTbIX CTpaHax, nOCKO3hKY

TaKaS ripaKTHKa Mo)KeT rIPHBeCTH K pa3BHTHIO MOIIeHHHqeCTBa H BO3HHKHOBeHHIO PHCKa

XJUIAM c6epe)KeHHH goMaIHHX X03XHCTB H, KOCBeHHbIM o6pa3oM, rocyAapCTBeHHbix

1HHaHCOBbIX pecypcoB. TaKas onaCHOCTbeiue He npHo6peiia B POCCHH CTOJ1h cepbe3HbIX

MaciuTa6oB, KaK B gpyrHX CTpaHaX, nOCKOJIbKy 6o0mbmas YacTm c6epexeHHA gOMafIHHX

XO35[IICTB XpaHHTCS B C6ep6aHKe. TeM He MeHee, CO BpeMeHeM 9T Hpo6ieMa ripHo6peTeT

6onbIuylo OcTpOTy, H Heo6XogHMo 6ygeT pa3pa6oTaTh MepbI pa3yMHoro peryjiHpoBaHm.

3.16 AKTHRBbl, o6SI3aTeJibcTBa H npoueHTHbIe cvramn. B Te'eHHe 1992 r. 3&AMbI,

BbIgaHHbie KOMMepieCKHKMH 6aHKaMH, BbIPOCJIH AecsTHKpaTHo, C 600 MJIPA. go noqTH 6

TpJIH. py6nefi. OKono nOJIOBHHLI STHX KPe,WTOB 4rnHaHCHPOBaIiHC 6LeHTpaJITHLIM 6aHKoM

8. AaHHaA cTpyKTypa CO6CTBeHmoCTH TaKxce MoxeT OCJIOXHHTEh jnO6Me nOnlbITKH CTa6KnH3auwH

3KOHOMHKH H 3aMeAJIHTb CTPYKTYPHYIO nxepecTpoAKy npeAIpHSrTr. IHMeHHO TaK CUyHJ1OCb B 10roCJiaBmH,

rAe 6aHKH TOxCe HaXOXtHJICb B OCHOBHOM B cO6CTBeHHOcTH npeAnpHwTrH; 6aHKm npriOAOixaJIn npeAocTaBam

KpeAHTmi HenjiaTexKecnOCO6HIbM npegApnsPTHXM, xITO TOpM03HO pa3BHTHe KaK CaMHX npeAnrIpXHTUH, Tax H

6aHKOBCKoro CeKTOpa. CM. World Bank report No. 7869-YU, Yugoslavia - Financial Sector Restructuring:

Policies and Priorities, 1989.

15

H rocygapCTBeHHiimH riporpaMMaMH geHTpaRH30BaHHOrO iyenieBoro KpeAHToBaHm. B1ejioM 6aHKH HrpaIOT 3geCb rIaCCHBHYIO pOJb, IIOCKOJIbKy 3aeMII1HK H YCJIOBHS3KpeAHTOBaHHA B paMKaX 9THX riporpamm onpegeJIAIOTCX IIpaBHTeJIbCTBOM, UeHTpa.ITHbIM6aHKOM rJIH MeCTHbIMH opraHaMH BjiacTH. UIeHTpaaJHbIH 6aHK 4bHHaHCHpyeT TaKHeKpegHTbI nyTeM BbIgraqH 6aHKy-KpegHTopy aBaHca no yqeTHOH cTaBKe H onpeeIenAeTpa3mep MapX(H Ha YpOBHe 3 HpOileHTOB B rog, He3aBHCHMO OT Kpe,HTHOrO peHTHHra3aeMIIHKa. flpouleHTHbie CTaBKH no 3ahMaM BapbHPY1OTCX OT 8 go 83 npoiyeHToB, arOCygapcTBO AOMKHO BbInIaqmHBaTb (tlepe3 61oXxeT) 6aHKaM-KpegHTopaM pa3HHUy MeXKAy3THMH CTaBKaMH H CyMMOf yqeTHO f CTaBKH UeHTpajibHOrO 6aHKa H Map)KH. TeopeTHqecKHCpOKH noralueHHA TaKHX CCyq COCTaBJIAeT OT 2 MeCALeB AO HeCKOJIbKHX fieT, HO HanpaKTHKe MHOrHM 3aeMIIUKaM ygaeTC31 pecDHHaHCHpOBaTh 9TH KpeXHnTI B pe3yJIbTaTecorJIamieHHx c npaBHTenbCTBOM HniH LUeHTpanbHbIM 6aHKOM. B OgHHX cjiyq aAx 9TOOCyUeCTBJIAeTCX B cjopMe aBTOmaTHqeCKOrO npogJeHHA aBaHca (ponoBepa) 6aHKy-KpeXHTOpy, B APYHX cJIytaAx--6aHK gojEKceH caMoCT3TeOJILHO paccMaTPHBaTh BOnpOC 011pOAUJeHHH CpOKa CCygbi.

3.17 BbIAaBaeMbIe B paMKaX 9THX rIporpaMM KpeAHTbI MOryT 6brTb COBepiueHHO HeBbIroXHbI giiA 6aHKoB-KpeglHTopoB. [IpH HbIHeIlIHeh KHHjTs1IHH TpexnpoixeHTHaA mapxcaHe MO)KeT KOMneHCHPOBaTb 6aHKaM HX OnepayIOHHbIX H3,epKeK H PHCKa npOCpOqeHHOffOnnaTbi npOueHTOB. Bonee Toro, cyugeCrByeT nOJIHa.5 HeOrpe;xeneHHOCTb B OTHOLUeHHHTOrO, KTO HeceT PHCK 11O KpeXIHTaM, KOrga 6aHK He yqaCTByeT B OT6ope 3aeMKa.HeygHBHTeJIbHO, qtro 6omunmcrBo LHTmpaM3OBHHbiX IeneeBbx KpeATOB pacnpeAejMeTCqwepe3 MeHee iporpeCCHBHbIe 6aHKH HJIH qepe3 6aHKH, AefcTsByiomHe OT MMeHH3aeMT1fHKOB, 3iBnJISOIIjHXCS1 OXHOBpeMeHHO KPYIHbIMMH aK1HOHepaMH gaHHbIX 6aHKOB.HeKoTopbIe HaH6ojiee A1HHaMH{HbIe 6aHKH CTapaIoTcA H36eXKaTh yqaCTHA B 9THXriporpaMMax.

3.18 BTopaA nOJIOBHHa 6aHKOBCKHX KpegHToB CDHHaHCHpOBanaCb B OCHOBHOM 3a cxieTc6epe>KeHHIf IIpeAInpHITHII H JIHIUIb He3Ha1HTeJIbHaA aCacT - 3a cqeT BKJIagOB goMaiHHXX03AfCTB. BaHKH MoryT He3aBHCHMO ycTaHaBnHBaTb npo1ueHTHbIe CTaBKH nO BKjTaAaM HKpeXHTaM. KaK ripaBHJIO, 6aHKH BbIIIaqHBalOT OqeHb HH3KHH ripOUeHT HiH BoO6ige He1maTST ripogeHTOB rIO CpegCTBaM Ha TeKyIHX CqeTax, H HpeXnpHATHAS epxaT Ha HHX

nHllb MHHHManJbHbIe ocTaTKHcpegCTB, Heo6xoAHMbIe XAexe)KHeBHbIX pacqeTOB. IUIHPoKOpacnpocTpaHeHo MHeHHe, qTO HeKOTOpbIe 6aHKH HCfIO]b3YIOT pa3HHIy MewCAY CyMMOf1p1HBJIeYteHHbIX H peanbHO 3aqHCJIeHHbIX Ha 6aHKOBCKHe cqeTa CpegCTB (4nOy'T) KaK

gOnOJIHHTeJl6HbIH HCTOqHHK geiueBbix CpeXCTB 43HHaHCHPOBaHm. 'DjTOyT--9TO CpeACTBa,KOTOpbIe ripegrIOJIoxHTeJIbHO HaXOJATCA B ripoyecce B3bICKaHH3 H KOTOPbIe BAef'CTBHTeJnbHOCTH 6aHKH HCnOJIb3yIOT B CBOHX CO6CTBeHHbIX yenjx B TeqeHHe HeCKOJThKHXAHeI. 9TH HCTOHIHHKH ;xeDieBoro 4)HHaHCHpOBaHHA B 3HaYHTeJMHOHi CTerieHHKOMn1eHCHYI1OT 6aHKaM aHaJIorHqHbIe H3gepXCKH, KOTOpbIe OHH HeCyT iipH KJIHPHHroBbIXonepayHAx no co6cTBeHHbIM nmaTexcaM B paCqeTHOi CHCTeMe.

3.19 OcTanbHaA qacTm cpeXCTB nocTynaeT OT KpaTKocpo0HMIX AeI03HTOB11pe,IU1pH5THfI H Me)K6aHKOBCKOrO pbIHKa. CpeAHHe CpOKH norameHHA 9THX CCyArIOCTOAHHO COKPaIIaUOTCA H B HacTOAuAee BpeMA CoCTaBIAIOT meHee Tpex MecAgeB.

16

fpoileHTHie cTaBKH ro AeriO3HTaM Kojie6JIIOTCA B I1HpOKHX npexejiax B 3aBHCHMOCTH OT

pa3mepaBKJaAa,THnaM KHeHTa, 6aHKa H perHoHa. B TeqeHHe nocneAHero KBapTana 1992r. rpOi.eHTHbIe CTaBKH KOJIe6aJiHCb OT meHee 60 go 6onee 150 npoixeHToB. C6ep6aHc, Ha

KOTOpbIN4 npHxofTcx 6oniee 90 IpogeHTOB BceX BKJIaaOB AOMa8HHX Xo3SiNCTB (oKono 570

MJIpA. py6niefi), npeAnOKHJI Ha MexK6aHKoBcKoM PbIHKeOKOJIO 100 MjipA. py6. B KaqecTBe

KpegHTOB KOMMepqecKHM 6aHKaM nsA nocnegM onyero KpezHToBaHHZ npeAnpHATHR.HIpogeHTHEie CTaBKH Ha Me)K6aHKOBCKOM PEIHKe cocTaBHJI OT 100 AO 150 npoiyeHToB.

3.20 CTaBKH no KpeJHTaM TaK)Ke KOjie6JI1OTCS B UIHpOKHX npeejenax, OT 60 Ao 6onee

wem 150 npoieHToB. HeKoTopLIe 6aHYH npexocTasUnoT Kpepgmi no ropa3xo 6onee

HH3KHM IIpOieHTHbIM cTaBKaM, qeM npeAenBbHEIe H3Xep)KKH no npIHB3neeHHIO pecypcoB.

B HeKOTOPE IX cnyqaAx 9TO OTpa)xaeT TOT 4DaKT, qTO 3aeMnamK iBJIAeTCA KpyTIHIM

aKiHOHepOM AaHHOrO 6aHKa, B ApyrHx cjiyiax, oAHaKo, ixeHa KpeAKTOB BKJTIOqaeT B ce6A,

rIPSMO HJIH KOCBeHHO, KOMneHcaNHOHHbIe 6anaHcoBbLe Tpe6oBaHHJ H npegonnaTy ycWyr.

B HbIHeIfUHHX YCJIOBHX 6aHKH AxOJKHbM yCTaHaBJIHBaT]6 mapxcy no npoieHTHbim CTaBKaM

Ha ypoBHe He MeHee 40 HpoIgeHToB B roA -rro6bi npocrO He nOHecm y6brrlm xaxKe B

cjiyiae OTHOCHTeji6HO Ha)eXKHLIX KpeAHTOB. HanpHMep, AiA KpeAUTa CpOKOM Ha OAHH roA

Heo6xoAHMo yCTaHOBHT KaK MHHHMYM 15-npogeHTHylo mapxcy 'To6bi COXpaHHT

peaJnEHy1O CTOHMOCTb KanHTaJTa 6aHKa. 9To BePHO B CnyqaMx, KorAa 1 npoixeHT Kpexffa

4HHaHCHpyeTC31 H3 co6cTBeHHbIX cpeACTB, ecai oxKHaeMaz HH(RSIMA cocTaBnsAeT OKOnO

1500 npogeHToB B Te'eHHe Bcero cpoKa KpeAHTOBaHHA H ecnm npogxeHmi BbIn3IamaHBaIoTCA

O,HOBpeMeHHO C noraueHi4em OCHOBHOu CyMMbI Kpe,HTa. KpoMe 3Toro, 6aHiM AOnicM

Tpe6oBaTb BbInnaTbI 6onee teM 25 npOgeHTOB AJI KOMneHCai.H H3RepxKeK B CBI3H C

Heo6XoAHMoCTbiO noAepxaHHA pe3epBHbIX Tpe6OBaHH Ha YPOBHe 20 npoIXeHToB, nlpH

TOM xITO Ha peepBHbIe cpeACTBa npoieHTbI He HaqHcUOTCS. Mapxa AOnIKHa TaK)Ke

KOMIneHCHpOBaTh 6aHKaM onepaguOHHbIe H3AepxKH H KpeA;THIie pHCKH. TaKxm o6pa3OM,

mapxca B pa3mepe OKOjIO 50 npolyeHTOB no KpeAHTaM C HH3KHM YPOBHeM pHcKa He TOJTKO

He ABImeTCs, KaK yTBepXKAaIoT HeKOTOpLIe, xipe3MepHO BbICOKOU, a Hao6opoT, MoxKeT

C'HTaThCS OTHOCHTenbHO HH3KOU.

3.21 H13 Ta6lHiXibI 3.3 MOX(HO yBHAeTb, qTO TeMIrhI pOCTa aKTHBOB H CCYA 3HawHTeJTlHO

pa3flHtiaIHcb no 20 KpynHerLuHM 6aHKaM. AKTHBbI 6aHKOB, 3a HcKmUO'eHHeM ABYX H3 HHX,

pocJIH 6bIcTpee tem o6feMbI ccyA, npeAocTaBJiseeMbIx Mm. HHTepecHo OTMeTHm, wrO

HaH6oJIee 6MbCTpbIU POCT aKTHBOB Ha6mfoajiCA B TeX 6aHKax, KOTOpbIe HMeIH HH3KMA

Ko0cfrjEHimeHT oTHoiueHHH CCyA K aKTHBaM. B 6oJM0MHCTBe ciyqaea 9TOT HH3KHA

Koq4)(DHLIeHT CBI3aH C BeAeHHeM 6aHKoM BaJIIoTHLIbx cqeTOB, CTOHMOCTb KOTOpbIX B

py6neeoM BbIpaKeHHH yBeJIH'HjiacCb BCjieACTBHe o6ecgeHHBaHEA py6JIS. 3Ta B3aHMoCBAS3b

oco6eHHo oteBHAHa Ha IpiMmepe TOKO6aHKa, KpeAo6aHKa H 14HKoM6aHKa, KOTOpLIe, KaK

H3BecTHo, BeAYT KPYnHbIe orIepaLHH C HHOCTpEHHOA BamoToH. HeyAIBWMeJBHo, 'TO CYMMbl

Henorauemwix ccy, pOCJIH ropa3,o 6LIcTpee B TeX 6aHKax, KOTOpme CyIKHjIH KaHanaMH

pacnpeAeneHHA cpeAcTBr no nporpammam rleneBoro KpeAfHTOBaHHA: 9TOT pOCT COCTaBHJI

6onee 7 000 npoUeHTOB B 9neKTpo6aHKe H 6onee 1 000 npoixeHToB B Poccen6xo36aHKe

H rIpoMcTpoH6aHKe.

17

3.22 ESOJILMHHCTBO 6aHKOB BJIOXHJIH qaCTb CBOHX aKTHBOB B HeBHxKHMocTb, aKEHnpeAInpHIsHTNN H Aaxce B C03gaHHe BayqepHaix HHBeCTHLWOHHMIX (DOHJOB. MHorHe 6aHKHHCnJOJT,b3ylT 43HHaHCOBbIH ZieBepaxK AJ HHBecTHIrH, 4DHHaHCHpyZ HX H3 CpegCTBAenO3HTOB. npH IOBepxHoCTHOM B3rnAIe Ha 6aa1aHcoBLIe oTqeTbI MHOriX 6aHKOB MO)KeTC03gaThCM BrieqaTjTeHHe, wTO 06%beMbi 9THX HHBeCTHIHfk riOKa eiixe o'eHb mami HCOCTaBJALTOT OKOJIO 1 npoileHTa Bcex aKTHBOB, OAHaKO STH UH4)p6 MOryT OKa3aTbcAo6MaHtqHBBIMH H3-3a o6ujHX 6yXraJITepcKHx IIpo6nieM B 7epHOAM BbICOKONk HHC1RHISH.

3.23 (Di)HaHcHpOBaHHe KaIIHTaJIOBJIoxeHHA H3 cpeArCT AenIO3HTOB AIBJiSeTCA oqeHbpHCKOBaHHOH IIpaKTHKOH H, KaK iipaBHJIO, He pa3peiiiaeTCsi B ApyrHx cTpaHax. B6ojmmHHcTBe pa3BHThIX CTpaH TaKHe RHBeCTHLM AoJxcHI nOjiHOCTIO 4)HHaHCHpOBaTCSAH3 CO6CTBeHHBIX cpeAcTB. B CBI3H C 9THM B03HHKaeT BOnpOC: AOJDKHa 3m 6aHKOBCKaqCHICTeMa PoccHH 6bITm CMOAe3iHpOBaHa KaK yHHBepcanibHas, no npHmepy FepMaHH4, HJIee HyJKHo pa3genNHTb Ha ABe acTH - CHCTeMy KOMMeptieCKHX H CHcTeMy HHBecTHNHoHHbIx6aHKOB, KaK B COeAHHeHHIIX HTaTaX. rpe3ox)KeHHA no STOMY BOIIpOCy paCCMaTPHBaEOTCAB pa3Aene UIraBbI 5, rOCBsUeHHOM Bonpocam perynHpOBaHHI.

3.24 IloqeMy xe cTaBKH HO geno3HTaM H KpeAHTaM B peaBjTHOM BbIpaxceHH HMeEOTBbICOKoe oTpHuaTeSIbHoe 3HaqeHHe, ecniH 6aHKH MOryT CBO60AHO HX nOBLbmaTb? HHepIs- HH43JIsOHHMe OxcHAamS, OTCTaEOuHe OT peaBjHLIX TeMnOB mHHJIJ, 'qTO O3HaqaeT,w*o npoieHTHbIe CTaBKH, ycTaHaBnHBaeMbie 3apaHee, IIpH oaRTHeeCKoR Oi.eHKeOKa3]IBaXOTCAI HHxe ypOBHA[ HH43JIIHH -- H AeHeKHexbIe m o3HH (HenpaBHInLHas oUeHKapeaJbHOi CTOHMOCTH AeHer), T.e. ABJIeHHe, KorAa HeKOTOpLIe OixeHHBaEOT HOMHHaJTHY1OCTaBKY KaK oqeHb BBICOKYIO, He COOTHOC5[ ee C YPOBHeM HH4)MIIUIH - IBJEISOTCSYaCTH'1HbIM OTBeTOM Ha 9TOT BOnIpOC. Cyuyec¶ByeT eI.e p51 IIpHNHH, ro KOTOpbIM HH3KHeYIpOIeHTHbIe CTaBKH KaJKYTCM, B KaKOM-TO cMbIcJie, pbIHOtIHbIMH KJIHPHHrOBbImH CTaBKaMH.Bo-nepB6IX, CIpOC Ha KpeAHThI orpaHiqeH TeM, iTO HeMHOrie 3aeMu4KH MOryTrIpeAoCTaBHTb 3aJIoroBoe o6ecrieYeHHe HIiH HbIe rapaHTHH, KOTOpbIX Tpe6yiOT 6aHKN BCBSI3H C Mo6HJTH3aLHef Kpe,HTHbIX CpeACTB Ha pbIHKe, rqTO AeZaeT CHTyaHiuo CgeHTpanN30BaHHbIMH KpeAHTaMH H KpeAHTaMH CBOHM aKxNOHepam COBepmeHHoUpOTHBOnOJIO)KHOfi. Bo-BTopbIx, ecnH 6aHKH nOBbIUaJOT npOlyeHTHbIe CTaBKH nOAeHO3HTaM, OHH AOJIHblI OAHOBpeMeHHO H no KpaiNHeii mepe IIPOIIOPLNOHaJHOyBenHmqwn CBOIO MapxKy. 9TO OTnyrHeT Yacm% HX ny'mx KJTeHTOB, OCTaBHB 6o0ieepHCKOBaHHbIe CCyxI>. HaKoHeil, 60oamrmHCTBO KOMnaHHf H 6aHKOB npeAno'ifTaioTHaripaBMLqT CBOH cpegcTBa H 9HeprNHO Ha io66HpoBaHHe IIpaBHTeJIbCTBa H ILeHTpanbHoro6aHKa B ixeniix riojiy'eHsI AeiiieBbIX ienesBIx KpeAWTOB BMeCTo KOHKypeHUHH HaOTKpbITOM pbIHKe 3a IIpHBJIe'eHHe 4NHaHCOBbIX KipeAHTHLIX cpeCTB.

I1PHHUHU KIIaCCH4)HKaUSA KommepqecKix 6aHKOB Poccim

3.25 B COOTBeTCTBHH C npeAraraembrm rpHHwrOM, 6aHKH noApas3enJLOTcS no uxOCHOBHbIM BDHIaM nesTejibHocTH. C y'eTOM Apyrx KpHTepHeB, HanpHMep, CTpyKT"pbIco6CTBeHHocm H xapaKTepa ynpaBEieHsI. KnaCCH4)HKamS cnyxcH opraHH3awioHHmHHcTpyMeHToM r¶pH aHanI3e AReSTenbHOCTH 6aHKOB H onpeAejieHne4 CTOSyTX nepeA HHMHnpo6neM. Ha nparKTiKe MHorHe 6aHKH npoBoA3T onepaixHH, xapaKTepHLie A,A HecKojihKHx

18

onpeAejmeM]IX HHKe KaTerOpHM, H CO BPeMeHeM MOFYT MeHsTb xapaKTep CBOeiK OCHOBHOR

gesITejTbHOCTi. HanpHMep, K3 "6aHKa-KaHana" mm "6aHKa-areHTa" 6aHK MOx(eT

nipeBPamm6CA B "HapoxKaIo=fHcA xOpOmHfi 6aHK" Iio Mepe TOrO, KaK

AHBepcH,HIgHpyeTCs3 cocTaB ero aKlWOHepOB H ycjioxceTC xapaicep ero ynpafBeHHL

3.26 C6ep6aHK. C6ep6aHK rpegcTaBnAeT Co6o0 CaMOcTOsTeJIbHyiO OTgenbHy1O

KaTeropHio. Ero CTpyKTypa H AeATe3IbHOcTh aHaJIH3HpyIOTCS HHX(e, B pa3geJie,

nIOCBAiieHHOM CrieuHaH3HPOBaHHbIM 6aHKaM.

3.27 "BaHKHl-KaHanJbi". OCHOBHaS 3a,Aaqa 9THX 6aHKOB COCTOHT B TOM, qTo6biriepegaBaTb 4rHHaHCOBbIe peCYPCbI, BbixenxLeMiIe B paMKaX nIporpamm YeJieBOro

UeHTPaUH3OBaHHOrO KpeXHTOBaHSA, OT IUeHTpajmHoro 6aHKa KHiH IpaBHTeAICTBa

rOCYgapPCTBeHHLIM npeAnIIpHArTHSM, C KOTOPbIMH ARaHHbIe 6aHKH CB3X3aHU. OHH

OCYWeCTBJISIOT 3HaqHTeJI6HYIO AOJIIO o6wero o6feMa KpeAHTOBaHHA, rOCKOJILKy xenesIe

KpeAfHTbI COCTaBJIAIOT 6onee IOJIOBHHbI BCeX HeiioraiieHHbIX Ha AaHHbIfi MOMeHT

6aHKOBCKI4X KpeAHTOB. HpOAOnKa1o1gHe AeHCTBOBaTh "6IBume CneIWajT3HpOBaHHLIe"

6aHKH, KpyTIHeKIIHMH H3 KOTOPbIX ABJIAIOTCS IIpOMCTpOH6aHK H PocceJmXo36aHK,

6e3yCnoBHo nIpeACTaBIASOT co6oh caMbIe 3HaqHTemJIHbIe "6aHKH-KaHanbi". KaK npaBHJO,

rocy apCTBeHHbie rpeAipHSTSA HMeIOT B 9THX 6aHKaX 60J6MfyIO AOfl1O aKNi., qem B

"6aHKax-areHTax".

3.28 "BaHKH-areHTbl". 9TO 6aHKH, CO3AaHHBle OAHHM HnH HeCKOjTbKEMH

IIperIIpHATHi AIAK TOrO, TO6mI yrIpaBxn IIOTOKaMH CBOHX AeHe3KHi6IX cpeAcTa a TaK)Ke

OCyMeCTBJLSAT OT HX HMeHH iiiiaTexK H rIPOBOAHT pacqeTHmie onepamiW. B HacTosAiee

BpeMS TaKHe ycjiyrH 6o0iee 434eKTHBHO H HaAeKXHO OCyIeCTBJIOTCS 6aHKamH,-areHTamH,

qeM APYrHMH 6aHKaMH. B CTpaHax C pbIHOqHOfI 9KOHOMHKON (DHHaHCOBbIe OTAeJTh

HpeAnpJII THNi OCyIgeCTBJIAIOT MHOrHe H3 ycjiyr, KOTOpbIe B HaCTOAIIXee BpeMA B PoccHH

3aKpeHJLIiOTCS 3a 6aHKaMH-areHTaMH. Hx aKuKOHepmI, BKna3AHKH H 3aeMMHKH--3aYaCTyMO

OAHH H Te )Ke IiHia, WTO B MeHbLiei mepe xapaKTepHO AIn 6aHKOB ApyrHx THNIOB. KpoMe

Toro, ileJiH ynpaBJIAIOIIHX H aKUHOHepOB B 6aHKax 9TOrO THna TeCHO B3aHMOCBI3aHbI. B

HaCTOAXIiee BpeMX 60JILbIHHCTBO pOCCHKCKHX 6aHKOB BbirOMIASOT tacTHqHo pojm 6aHKoB-

areHTOB, XOT51 6aHKH, BbIIOjiHAiouHe HCKnIOqirTeJThHO pOnib areHTOB, KaK rIpaBHJO, OqeHL

MaIibI no pa3Mepy.

3.29 "3apo=aiowUecs "XOPOIffHe" 6amH". B POCCmH yxce cefWac cyIeCTByeT rpyrma

20-30 BeAyIUIHX KOMMepqeCKHX 6aHKOB, pa3BHBaiOIAHXCA B "IIpaBHJTbHOM" HaIIpaBjieHHH

H, iio BceH BH=HMOCTH, npeBpaWaIoIHxCs B HaCTOSiie 6aHKOBCKIFe ytpeXAeHHs. TI4HCIO

TaKHx 6aHKOB pacTeT no mepe TOrO, KaK peOpraHH3yIOTCA 6aHKH, OTHOCAuHeCSA K ApyrHm

KaTerOpHAM. XOTA 9Ta rpyrIna nOKa HeMHOrOqKHcneHHa, B Hee BXOA.1T HeKOTOPbIeKpynHefIiIHe He3aBHcHMbIe 6aHKK.

3.30 OAHHM H3 OCHOBHbIX KpHTepeK x3yEOUWX 3TH 6aHKI B KaqecrBe

XOPOIIHX", ABJsieTCA, nO-BHAHMOMY, paCIIIpeHHe COCTaBa aKgHOHepOB, gTO HO3BOJLSeT

PYKOBOACTBY rpOBOHT6 IOJIHTHIKy, He riOBTOpSHIYO HOJHOCThIO KHTepeCL aKgHOHepoB.

KpoMe Toro, CIOAa Ke OTHOCS3TCS 6aHKH, pa6OTHHKH KOTOPbIX nOytq=OT HJIiH OKynaioT

19

aKIUHH; TaKIHe 6aHKIH, KaK ipaBHJIO, pa3BHBaEOTCS 6bIcTpee. Euye OAHHM 4aKTopoM.CTHMyJIHpytOiuHM pa3BHTHe "xopoiniero" 6aHKa, IBJIAIOTCA CBSI3H C 3apy6excHBIMH 6aHKaMHwepe3 BHeIIHeTOproBbIe onIepanHH, ynpaBneHHe CqeTaMH B HHOCTpaHHOfI BamoTe mmIepe3 rPSiMbIe HHBecTHiHH. 9TOT ripoLecc HAeT 6bICTpbIMH TeMfiaMH B pgge 6aHKOBMOCKBbI H CaHKT-rleTep6ypra.

3.31 PYKOBOAJCTBO 6aHKOB 3TOH rpyniibi OTHOCHTeJbHO He3aBHCHMO OT npeinpHArTH-aKUHOHepoB, H, KaK npasBHjo, o6iaXAaeT 6o0iee BbICOKOH KBaH4HKagHeA, qemPYKOBOAHTeJiH 6aHKoB-KaHanoB. YKa3aHHLIe 6aHKH rpeAoCTaBJIAIOT KpeHI CBOHMKJiHeHTaM H aK[HOHepaM, TOJIbKO 6y,gytH yBepeHHbIMH B HX ioraIIIeHMH; CPOKH 3aHMOB,KaK npaBHjio, B MeHbIIIei CTeneHHH eM B gApyrHx 6aHKaX 3aBHCqT OT TOrO, SBJISeTCS3aeMTEIHK JIH aKuHOHepOM 6aHKa. iOJIbIIIHHCTBO 3aHMoBB, rpeAOCTaBJIAeMbIX 3THMH6aHKaMH, o6ecne'{HBaIoTcS 3anoraMH, rapaHTHeH TpeTbHX JiHI HJIH cTpaxyeTCs.3HaqHTeJIbHaA xTaCTb KpegHTOB HanpaBJIgeTCA qaCTHMIM KOMMepqeCKHM CTpyKTypaM HaKuHOHepHbIM KOMnaHHAM, KOTOpbIe fuH6o y)Ke SABJIOTCA 'aCTHbiMH npeAripHATHKMH,JIH60 HaXO,ITCAI B npoiecce ITpHBaTH3auHH.

3.32 Pg "XOpOIIHX" 6aHKOB OCyigeCTBJISeT onepaIL1HH C KpeAHTHbIMH KapToqKamHH HMeeT AOCTyII K BaJI1OTHbIM onepauHAm qepe3 ceTb CBWDT. BOJIbmHHCTBO H3 HHXHMeEOT KOppeCIOHAeHTcKHe OTHOLCeHHA C HpeCTHKHbIMH 3apy6eXCHE IMR 6aHKaMH.HeKoTopbie yMCe ABJIBSOTCS IIapTHepaMH 3apy6exKHbIX 6aHKOB, a eule 6ombinee 'mcno6aHKOB CTpeMHTCA1 K 9TOMy. MHorHe 6aHKH CO3AanH accoImayum, B KOTOpbIe BXOASTHeCKOJIbKO yqpexKIeHH1I, COBMeCTHO BLICTyIIEOTNHX B HX onepaiHsx. Co BpeMeHeM H fpHYCJIOBHH HaJIHAHS npOAyMaHHbrX CTHMYJIOB B TaKHX accoiyzagMAx MOryT HMeTb MecToCJIHASH4A, qTO rIpeBpaTIT HX B enye 6onee KpYIIHbIe 6aHKH.

TpH KpynHeIiiix cneUWanH3HPOBsaHHbIx 6aHKca

3.33 TpemsI KpyflHefIIHMH ciiegHanH36pOBaHHbIMH 6aHKaMH ABJIAIOTCA C6ep6aHK(c6eperaTenbHbhI 6aHK), PocceirbXO36aHK (CeJIm6CKOXO3A4CTBeHHbii 6aHK) H*IPOMCTpOH6aHK (npoMbTiuIneHHo-CTpOHTenbHbIi 6aHK). B HX Ha3BaHHAX OTpaxKeHa HXcneUJHaJIH3aIUHAs B YCJIOBHIX 6bIBIIero COBeTCKOrO CTpOA. B HacToAruee BpeMS 9TH TPH6aHKa ABJIAHOTCA aKUHOHepHbIMH o6meCTBaMH H, corJiaCHO HX yCTaBy, pa60TaioT KaKyHBepcanbHbie6aHKH. OAHaKO, HX AeATen HOCTh no-npex HeMyqeTKO criegHaLj 3HpOBaHaB CHJIY HX CpaBHHTeJIbHHMIX 11peHMyIeCTB B iinaHe KBaJiH4N KaixHH H HHCIpaCTpyKTypbI, aTaKX(e BcJIegCTBHe Toro, qTO OHH npogojDKaiOT BbICTyIaTb KaK HHCTpymeHTbIrOCyAapCTBeHHOH IIOJIHTHKH B COOTBeTCTBYIOIUHX OTpaCJIAX H BHaaX AeMTeJIBHOCTH.

3.34 Hcxe paccMaTpHBalOTCs CTPYKTypa H OCHOBHbIe BHAgb1 AeSiTeJIbHOCTH KaxcAoroH3 9THX 6aHKoB; OHH TaK)Ke OTpa8eHbI B o6iueM BHAe B Ta6JrnHie 3.5. PeKOMeHgaiNHHAoKiiaAa B OTHOiiieHHH C6ep6aHKa H flpOMCTpof6aHKa H3JIO)KeHbI B L'naBe 4, a BOTHOLIeHHH PocceJnbXO36aHKa -- B pa3gene rJIaBI 6, IIOCBAigeHHOM KpeAHTOBaHHIOceJThcKoro XO3AIfiCTBa.

20

3.35 C6ep6aHK. C6ep6aHK ABJIAeTCM HaH6oJIee AHHaMHtqHbIM H3 3THX Tpex 6aHRoB.

TpaAHTEHOHHOe OTJIHgHe C6ep6aHKa OT BCeX OCTa8.bHbIX 6aHKOBCuX yqpexpAeHlHA

COCTOAJIO B TOM, qTO OH rIPHBjieKaJI BKJaIbI AOMaIIHHX XO3XACTB (HaceieHms), KOTOPLIe

aBToMaTHIqeCKH HCnOJIb3OBaJICb npaBHTenjbCTBOM ARA 43HHaHCHpOBaHH Ae4mHTa

rocyXrapCTBeHHoro 6iox0 eTa. B nocjiexuHHe ABa rogra npaBHTeJ3hCTBo nIpeXocTaBHJO

rlpaBneHHIO C6ep6aHKa 60obIIIyEO He3aBHCHMOCTb H pa3penmJIo emy pa3BHBaTL CBOIO

AeATenbHOCTb B rqpyrHx o6nacTqx. C6ep6aHK 6EIcTpo paCIuIHMpeT TaKHe HOBmIe RA ce6s

BHAbI e3rreJmbHOCTH, KaK KpeXHTOBaHHe npegripHqTHH H XOMaIIHHX XO3AfICTB, a TaKxce

nIpHBneqeHHe ,genO3HTOB nPeXnPHATHH. OH COgeHCTBOBaJI CO3gaHH1O MeXC6aHKOBCKOrO

PbIHKa, Ha KOTOPOM BbICTyIaeT cefqac B KaqecrBe OCHOBHOrO KPe=TOPa. C6ep6aHR

HacsHTbIBaeT 6onee 100 TbIC. aKUi4OHePOB, B OCHOBHOM CBOHX COTPYXRHHKOB, O,HaKO ero

aKuHH elue He HMCeOT XOxgeHRA Ha Pb6HKe UeHHbIx 6yMar. KpynHeflunim aKiUOHepOM

C6ep6aHKa SiBnDeTCA UeHTpajTbHblIi 6aHK, npegcegaTemeb npaBjieHHA KOTOpOrO

OAHOBpeMeHHO ABJisMeTCS npegcexaTeeiem npaBjieHH C6ep6aHKa.

3.36 C6ep6aHK nPaKTHieCKKH OCTaeTCA MOHOHOiJICTOM B iipHBjieqeHHH py66eBLIX

BKJI8aOB XOMamIHHX XO3XACTB, Ha ero cqeTax xpaHHTCA 6onee 90 npoqeHToBc6epexceHKif,

COCTaBjiAuoiMHX 570 Mjipg. py6. XOTX B HaCTOSLAee BPeMq BCe 6aHKH HMeIOT npaBo

OTKPbIBaTb cqeTa c6epexceHHf XOMaIlIHHX XO3XHCTB, C6ep6aHK coxpaHUI CBOH nIO3WSH

no CneJyiOLuHM npHqHHaM:

* Ero ceTb, HactHTbIBaioigaA 6onee 40 TbIC. CHjHiHaJIOB H oTeJIeHHfl,

COCTaBjiMeT 6oiee 90 rIpOUeHTOB 6aHKOBCKEHX yqpexc)eHHfl B POCCHE, B

Pe3YnbTaTe qerO Ha 6OJbiUIeh YaCTH TePPHTOpHH CTPaHbI H B

60JIbILUHHCTBe pafUOHOB KpynHbIX ropOxOB C6ep6aHK IBSieTcS

e1HHCTBeHHbIM 6aHKOM.

* OH ABiLqeTCq egHHCTBeHHbIM 6aHKOM, rge BKflagI nonHocT6io

rapaHTpYIOTCA rOCyAapCTBOM.

* C6ep6aHK npewnaraeT iejbIh pixg ycnyr, KOTOpbIe He npeAocTaBwsnocsA

gpyrHMH 6aHKaMH, BKmIO'aA nepeBog ninaTexcef 3a KOMMyHajTHbIe

ycnyrH, ynIiaTY HanorOB H BbInnIiaTy neHCHf4.

IIIHpOKO pacnpOCTpaHeHO MHeHHe, 'TO paBHTemJTbCTBO KOMI8eHCHpyeT

BKnagq'HKaM C6ep6aHKa HX o6eCileHeHHbIe B pe3yjibTaTe RHH4JM1mH

BKJIagbI, nOCKOJITKy nOAo6HOe meponpwxme yxKe HMe3iO MeCTO B

npo0n1oM.

21

Ta6nuuia 3.5 KPvnHef4iuIHe cieuHajIH3HpOBaHHbie 6aHKHOCHOBHbIe noKa3aTeJIH (B MJIpJ. py6.)

Ha 1 SHBaPA 1993 r.

HOKA3ATEJIb Poccenbxo36amK C6ep6aHi< HpoMcrpoil6aHic

AXTHBbI 1684 900 451

KanHTaii 10 9 2

Ccy.Abz 33 36 20(aonrocpowHbie)

CCY,4bI 749 371 115(KpaTicocpoYHbie)

CcygbI (HToro) 782 407 135

JaoJIsi OT o6fueft 15 10 2,5CYMMbI KpeAHTOBaHH5

3KOHOMIKM (B npoU.) .

BKAaJbi 486 571 1701qHcJIo pa60THNKOB 20 000 200 000 2500

'-IHCJIO OT1eAeHHl 1 040 40 000 38

OnHjiajibi (jaoAsI B 0 0 12KaUHTanie

6o0ee 50%)

LImcjio oTAeAeHHil 0 0 160*uHnaHOB .

MHcAo aKUHOHepOB 35 000 123 500 500(wopuH.IecKme iHUa) 18 000 3 500 500(4,H3Hqeciae JIHua)

17 000 120 000 0

3.37 [poLeHTHbIe cTaBKH HO BKnagaM rpaxKgaH rio-npe)KHeMy ycTaHaBJIHBaIoTcM Bpe3yJIbTaTe KOHCyJIbTaIHH C UeHTpa&IIHbIM 6aHKOM H MHHHCTepCTBOM qJHHaHCOB. rOgOBbIenpoLxeHTHLIe cTaBKH nO BKJInaaM goMamUHHX X03AACTB coCTaBJIAHOT 20 npoUeHTOB noBKnagaM OBOcTpe6OBaHHJ H 100 r1poLeHTOB HO CpOqHbIM BK3iagaM (cBbnne 1 roga); goanpenA 1993 r. OHH 6bIrH Ha YPOBHe 60 npolyeHToB. rlpoLieHTbi no BKnagaM,npeBbILuaiOLUHM 100 TbIC. py6., cocTaBJIsAoT 80, 90 H 100 iipoUeHToB, CooTBeTcTBeHHo noBKjiaOM Ha 3, 6 H 12 MecALxeB. rlpoJ4eHTHbIe cTaBKH nO BKjiagaM npegrnpHATHfiyCTaHaBJIHBaEOTCS B KaXKROM KOHKpeTHOM cjiyqae Ha gOrOBOpHOA OCHOBe H B HaCTOMAWeeBpeMAI npeBbIImalOT 100 rpoieHTOB. BcjiegCTBHe BbICOKOrO HOKa3aTeisi OTpHlaaTenJbHbIXpeaJ6HbIX npoi;eHTHbiX CTaBoK B 1992 r. BKjiaAbI BO3POCJIHm eee eM Ha 100 nporueHToB,

22

iTo ripeArnoaraeT 3HaqHTenJbHOe CHHxeHHe HX peajnbHO CTOHMOCTH. IIO TOfU Ke riPHqHHe

AOIAS CpO'iHbIX BKJaIOB ynajia c 46 rIpOpeHTOB B SHBape 1992 r. Ao 28 fpoLxeHTOB B SHBape1993 r. Aeno3HThI npeAnpHTHf BhIpOCH riO'HTH C HyAi B 1991 r. Ao npH6nH3rTeJmHo 50

MJIpA. py6. B AHBaPe 1993 r. HcocTaBHnH rio'TEH 10 IpoixeHTOB Bcex BKagoaB.

3.38 B rPOLUJIOM Bce (PHHaHCOBbIe pecypcEi aBToMaTHqeCKH HaIIPaBJIUHCb Ha

4)HHaHCHPOBaHHe 6ioAxeTa, HO B TeqeHHe nocnexlHHx gByX JIeT C6ep6aHK HaqianKpeMXUTOBaHHe OMauUHHX X03SIhCTB H npeAnpHismi. 3Ha'HTeJmHas 'acTb KpemUTOB --

6onee 60 npo0JeHTOB --IpeAocTaB SeTCA Ha RgeuHTpaiiH30BaHHOf OCHOBe. OTAeIeHi BperHOHaX He3aBHCHMbI B BbI6ope 3aeMLgHKa, XOTA nPOYeHE,e CTaBKH H KPHTePHH,pacnpocTpaH3uoigiHeCx Ha BCe KpeAHThbI, yCTaHaBJIHBaIOTCA B YLeHTpe. HanpHMep, 40riPOLeHTOB KpeAHTOB nPe,AOCTaBSEIOTCSI HanJHqHLIMH H 60 nPOLeHTOB 3aqIHCJIIOTCS Ha

cver, cyMMa O6CJIyXHBaHHAI oonra He Mo)KeT npeBbnuaTm 30 npogeHToB AoxoAa

AoMauiHeroxo3SAHCTBa;H KpeAUHTMIHaKHIHIIHoe CTpOHTenJTCTBO He MoryTnIpeBi6iaTm 75

rPOiXeHTOB CTOHMOCTH cTpoHTeJThcTBa. B 1991 r. 98 npogeHToB Bcex KpeMHTOB 6Lu1Bb61aHbInpaBHTenJhCTBY HJIH4 UeHTpan8bHoMy 6aHKy.

3.39 B 1992 r. C6ep6aHK Ha'aJI BbigaBanT KpeAHTI AoMaumHM X03A1CTBaM (B AHBape

1993 r. o6igasAcyMMasBbiaHHBIxKPipeAHTOBcocTaBHJIa 25 mnipA. py6.), npeAnpH{ITHM (130MjTpg. py6.),a TaK)Ke pa3meiuaTh 4HHaHCOBbIe pecypcbI Ha MexK6aHKOBCKOM puixKe (100MjipA. py6.). K SHBapio 1993 r. AonA rocySapCTBeHH,ix aKTHBOB B ero nopTcbenecoKpaTHnaci Ao MeHee 'eM nOIOBHHbIo6uxHx aKTHBoB. B anpenie 1993 r. npaBHTejmcTBoBbInIiaTHJo CBOIA oonr, cocTaBJIsABImHI 2 85 Mnp. py6., rTO xano C6ep6aHKy BO3MOXCHOCTb

PaCUJHPHTh CBOH Kpeg=THEIe onepauuH. lpogeHTii no KpeAlHTaM 3aBHCST OT Toro,AsIAeTCx JIH 3aeMIHK aKuHOHepoM 6aHKa; no Mex6aHKoBcKHM KpeAHTaM npogeHmaAcTaBKa cocTaAsieT cooTBeTcTBeHHO 130 H 140, B cnyqae KpeAHTOBBaHH npegIpHsTHAI --135 H 145. ropa3Ao 6o0nee HH3KHfi npogeHT ycTaHaBJIHBaeTcAi no KpeAHTaM,npeAocraBnemibrm AOMaIUHHM xo3AIHcTBaM. B COOTBeTCTBHH c ycTaHoBneHHLIMHUeHTpaJHbIM 6aHKOM H npaBHTeJIbCTBOM noj¶o)KeHHAMH, C6ep6aHK AonDKeH

rpegROCTTaBSAT B BHge KPeAEHTOB xOMaIIHHM XO3Af4CTBaM He meHee 30 npotYeHTOB Bcex

BHOBB UpHBjieqeHHbIX BKnagOB; rpolyeHTHaScTaBKa no KpeAHTaM goMan1HHM XO35icTBaMycTaHaBJIHBaeTCA Ha 3Has'HTenJHo 6onee HH3KOM ypOBHe, 'em no KpeCHTaM

npeArpHsPTHsM.

3.40 KpexITOBaHHe rocyAapCrBeHHbix ypeAeHHH H npe,npHATHUI C6ep6aHKoMnIOxHUMaeT cepbe3HBIe BOUPOCLI B o6iacm rocyAapcTBeHHof nornmTnm. C o,HoA cropoBii,TaKoe KpeAHTOBaHHe noAcTerUBaeT KOHKypeHUHIO ARO YPOBHX, KOTOP]bI He MOr 6h1 6jbm

goCTHrHyT HHbIM o6pa3oM. C Apyrofi cTopoHEi, KpeA=aTHAS norrIHKa C6ep6aHKanpeAcTaBnjieT co6oA cepibe3HyIoyrpO3y TOMy, 'TO c6epexceHHA AoMamHHx X0331fICTB MOryT

nponaCTb B pe3yjmTaTe HeCOOTBeTCTBylOIeii npaKTHKH. TpH 4(aKTopa RenaeoT PHCK

oco6eHHo Cepbe3HLIM B CyIleCTByIOIIHx yCJIOBHS[X:

ILeHTpaJbHbIiI 6aHK He HMeeT OCTaTO'qHO pa3BHTOf CHCTeMbI HaA3opa

3a KpegjHTHOH HOjiHTHKOxIi C6ep6aHKa.

23

* Boibmasi qaCT6 nepcoHajia C6ep6aHKa He noXrOTOBjieHa AiR npoBeAeHmKpegHTHbIX onepaulHfi.

* B HbIHeICIHel HeCTa6HJIbHOff CHTyaIEHH OCo6eHHO CnOXCHo oixeHHTKpe,IAHTHbIe pHCKH.

BepomTHoCTm HenoraIlieHHM npegoCTaB3ieHHbIX CCyA, wTo rIpHBeAeT K npo6neMenraTe)KecrioCo6HOCTH C6ep6aHKa, oco6eHHo 6eCnOKOH'T 1eHTpajThHbIf 6aHK HI1paBHTeJIbCTBO BBHAY TOrO, WTO BKJIrabI B C6ep6aHK rapaHTHpyioTcA rocyAapCTBOM.

3.41 PocceJIbXo36aHK. PocceJbXo36aHK 1BjreTcSir paBorpeeMHHKOM ArporipoMdaHKa,KOTOphIf B YCJIOBHMX COBeTCKOiI CHCTeMbI KpeAHTOBaJi CeJIbCKOe X03SACTBO H CBS3aHIHHeC HHM OTpacIiH. OH HMeeT TpeXypOBHeBy1O CTpyKTypy, KOTOpaS BKJIOoqaeT B ce6AiXeHTpaJm6Hyio KOHTOPY B MOCKBe, 67 perHOHanbHHbIX oTgeiieHHfl HO o6JIaCTIM H OKOJIO1000 43HJIHajiOB, npegoCTaBIiEouHx ycJIyrH KJIHeHTaM9 .

3.42 PYKOBOAcTBO PoccenLxo36aHKa no-npexKHeMy pa6OTaeT B COOTBeTCTBHH COCTapbIMH rIIojIOKeHHIMH, Hi 6aHK He OpHeHTHpOBaH Ha nOJIyqeHHEe ripH6i6m. Ero ixeJIH4OPMyJIHPYIOTCS C TO'IKH 3peHHS "Heo6xoAHMoCTH 3algThI 43epMepOB" H "rHTepeCOBCTpaHbI". IepCOHaJI 6aHKa He o6yqeH oieHKe KpeAIHTOB, Kp4TepHH Kpe HTOBaHHAOCHOBbIBaIOTCA Ha TpaXHIAHOHHbIX HOpMaX H Ha IIOTpe6HOCTIX YTBepxcgeHHbiXHPOH3BOACTBeHHbIX riiaHOB rocygapCTBeHHbIX npegnrpHATHHi.

3.43 PocceJImXo36aHK AIBJIMJICA OCHOBHbIM KaHaJIOM Kpe,HTOBaHiH B paMKaX ixe2ieBuxnporpamm AirA cenmcKoro xo3sAlcTBa; xiepe3 Hero npegocTarsiacm no'TH nIOIOBHHaBbiJiaqHBaeMbIx TaKHM o6pa3oM pecypcoB. TaKHuM o6pa3OM 4HHaHCHpoBaJIocb no'm 75ripoueHTOB KpeUTOB Poccejbx036aHKa arporipoMbmJIeHHOMy KOMrJeKCY, B KOTOPbMABXOArIT qacTHMie 4epMepbi (6 ripOieHTOB Bcex KpeAEHTOB), KOJiX03blI H COBX03bI (19npoiXeHTOB), ripePI4pSTH PO3HWqHOfl TOprOBJIH B CejTbCKOf4 MeCTHOCTH (11 ipoiLeHTOB)H MHorHe Apyrme CBA3aHHbIe C ceJIECKHM X03SIICTBOM iTpegnpEHMHA B OTpaCJIX rnHueBOEk,Ta6aqHo4, BHHHO-BOgoqHOf4 H KOcMeTHqeCKOf4 npoMbHfljieHHOCTH rH npeAnpHsITHg,rIPOH3BOASHIHe ceJIbCKOX03Af!CTBeHHyIO TeXHHKy H yAo6peHHx. OKOno 40 IIpOiLeHTOB 9THxKpeAHTOB nonyiyajia 3arOTOBHTeJIHaS opraHH3aLXHA Pocxne6onpoAyKT H nepeAaBanaqacTa9THX CcpeCTB IIpeAriH3I1THAM CBoeH cHCTeMbI. KpeHT6bI B paMKaX iporpaMmbi i.eneBoroKpe,HTOBaHHI pa3MeIIaJIIHCb perHOHaJIbHbIMH (DHJIHIaiaMH H MecTHbIMH oTgeJneHHAMH HKOOpAHHHpOBaJIHCb6 CoBmeCTHO C MeCTHbIM4 oTgeneHKsMH UeHTpajibHOrO 6aHKa,MeCTHIMImH OpraHaMH BJIaCTH H MHHHCTepCTBaMH CeJIbCKoro X03AflCTBa H 3KOHOMHKH.

9. B MOMeHT CO3SaHRA 6aHKa B 1991 r. 15 peHOHanLHBIX 4mNinHajoB (oKono 25 npoixeHToB Hxo6Wiero 'Hcjia) BLLiejiHJiHcL BMecTe CO CBOHMH OT,ejIeHH1MH B He3aBECHMbI@ 6aHKH. 3mT 6aHKUAnPHHajiexKaT MeCTHLIM npeAlIPHXTrHM, H HeKOTOPUIe H3 HHX, TaKHe KaK 6aHK Bo3pox.eHie B MOCKBe HArponpoM B PocToBe, ZBnXIOTCS BecLMa KPYnHbIMH. Poccejbxo36aHK niiaHHpyeT OTKPUTB HOBUle OTAeJIeHHzB Tex o6jiacTAx, rAge OH noTepAiJI CBOH oTejieHUA.

24

3.44 rIpoieHTHas cTaBKa no yKa3aHHBIM KpeTaM 6hua ycTaHOBEeHa Ha YPOBHe 83ripoieHToB, 'To o6ecne'HBajio 6aHKY TpexnpoixeHTHyIo Map)Ky. A" 3aemaWKa KpeT6bu 3HaqHTe3bHO ARemeBne: (4epMepbi AO3UKHbI 66inH nnaTHTm 8 npo[ieHToB, a ocTajmHmie3aeMugHKH -- 28 npoiXeHTOB; pa3HHLxa nOKpbIBanaCb MHHHcTepCTBOM (p4HaHCOB B BHAe

Cy6cHmAH. TeopeTHmeCKII KpeAHTHIMH PHCK Ho 9THM KpeaTM HeceT Poccenbxo36aHK,OAHaKO Ha npaKTHKe CHTYaUA COBepIIIeHHO HeonpeAe3ieHHa, HOCKOJITKY KaK npeAnpHsrTm,

TaK H CaMO pYKOBOACTBO Poccenbxo36aHKa paCCMaTpHBa1OT 6aHK KaK rocygapCTBeHHoeyqpexceHHe, pacnpegenAiiouee 61o[peTHbIe pecypcbi.

3.45 rIpoMcTpoll6aHic. POCCHfCKHf HpoMcTpoH6aHK B03HHK B HaranIe 1992 r. nocixe

JIHKBHAa1 CcOIO3HOrO HIpoMcTpofi6aHKa. MHorHe peFOHa3THbIe 4)HnH&aI 6bIBmeroCOO3Horo ropoMcTpofi6aHKa B TeqeHHe gByX nocnegHHx neT Bienie ZHnHCb B oTgenbHLIe

6aHKH; TaKi 6uinH co3aHbI, HarIpHMep, YHHKOM H npoMCTpof-CaHKT-feTep6ypr.HeKOTOpbIe H3 9THX OTeZJIHBUIHXCM npeXnpHSrrHH CTaJH BeCbM6a ARHaMHqHbIMH

KOMMepseCKHMH 6aHKaMH. B HacosAigee BpeMS rlpoMCTpofi6aHK HmeeT ueCTmpermoHaHJbHbIX 4i4HazoB H 32 6onee MefKHx oTxe3ieHs. noimH 1/3 ero cryxauuix (H3o6iiero KomImreCTBa 2500) pa6OTalOT B roJIOBHOM oTAeneHHH, rAe o6cny3KHBaeTcs 6onee75 iipoieHTOB Bcex BibigBaeMwIX 6aHKOM KpegHTOB. KpoMe 9Toro, rIpoMcrpof6aHKAIBJISeTCAI BnaJelIbyeM KOHTPOJThHOrO naKeTa amuKif 12 6aHKoB, CO3AaHHmx Ha 6a3e ero

6bIBmIX o6JiacTHbIx oTAeneHHf, OAHaKO CTerieHb KOHTPOJIA Haj 9THmm roApa3AeZeHHmU

HeAiCHa. OCHOBHbIMH aKIXHOHepaMH flpOMCTpof6aHKa ABJISIOTCA KPYUHbie

rocyAapCrBeHHbie IIpOMbII1IIeHHbIe H CTPOHTeJbHHbM Ipe IenpAsTHAs, XOTS no MeHbiuefi mepe

20 npoiXeHTOB aKLUni IIPHHaanex(aT KOMMepxeCKHM cTpyKTypaM, CTpaXOBbIM KOMnaHHSMH qaCTHbIM npexRnpHHHMaTeisAM. PYKOBOACTBO 6aHKa 6bIno Ha3HaieHO y'pexTejLsMH H

C Tex nop He MeHLjiocb.

3.46 ]BOjTuiHHCTBO onepalifI rpoMcTpou6aHKa cBS3aHO c npo6neMHmIMH npoeKTaMH

H npernpSrTSMmH H 6onee nonoBHHbI npeHocTaBnAem,ix HM KpeAHTOB 4CHHaHCHpyeTCA 3a

cqeT nporpamm iyeneBoro KpegHTOBaHI MHHcTepcTBa qpHHaHCOB. 'Iepe3 rlpoMcrpof6aHKnpomno 60 npOileHTOB cpIHaHcoBbIx pecypcoB, npexocraBneHMIX B paMKax nporpammbi

KOHBepcHH, C y'eTOM KpeAHTOB, BbUgaHHbIX qepe3 4HLHanJ6I H oTXeneHHA, a TaKxxe3HaqHTenbHaA qaCTb KpeAHTOB B paMKaX HHBeCTHIXHOHHOfi nporpaMMbI, BMliaHHbIX

rOjiOBHbIM oTAeneHHeM. rIpoMcTpofi6aHK TaK).Ke yLaCTBOBan B nporpammax ixeneBoro

Kpe,HTOBaHHM IeHTpajIbHoro 6aHKa, XOTA H B MeHbIUIX Macurra6ax. OH BibiInaHBaeT no

3THM Kpe,IWTaM npogeHTHyio CTaBKY B pa3mepe 10 npoi.eHToB MHHHcTepCTBy 4)HHaHCOBH 80 npotxeHTOB UeHTpaJTHOMy 6aHKy, H paCnpeAeJAeT AaHHLIe KpeHTHMie pecypcuI C

TpexnpogeHTHok MapxKof. IIo OgeHKaM PYKOBOACTBa rlpoMcTpoH6aHKa, HennaTexcK no

KpeAHTaM cocTaBjSiAOT oKojio 20 npoixeHToB.

3.47 BbiBOAhI. OCHOBHbie BbIBOAIbI AaHHOrO pa3Aena MOryT 6bITb H3jiO*eHbI Cj1eNyOUM

o6pa3oM:* rlporpaMMb i enIeBorO KpeAHTOBaHHA ABJISAOTCS3 OCHOBHbIM

HHCTpyMeHTOM rIPOBeAeHHA AeHeX[HO-KpeAHTHOfI rOiJI1THKH

IeHTpaJIbHoro 6aHKa IJHpOKOe HCnOJIb3OBaHHe 3THX nporpamm

25

3aTpyAHAeT nEo 6 yio ioribiTKy cTa6HnH3agIH H nperiATCTByeT pa3BHTHIOs(p"eKTHBHoro 6aHKOBCKOrO CeKTOpa.

OCHOBHbIMmH aKIHOHepaMH 60obJiHHCTBa KOmmepqecKHx 6aHKOBABJISIOTCS npernpHATHAs. B pe3ynbTaTe MTro 60JTElJHHCTBO 6aHKOBHocTeneHHO npeBpaigaeTCs B "qacHie" Ho mepe TOrO, KaK lXaKLJHOHepLI CcMH ripeO6pa3YIOTCS B aKixOHepHbIe KOMIaHHH HnpHBaTH3HpyIOTcAI. TeM He MeHee, AaHHaA 4(opMa co6CTBeHH0CTHBbI3bIBaeT 6ecnoKOMCTBO, IIOCKOJIhKY OHa cnoco6cTByeT YBeKOBeqeHHIOUIHpOKOpacnpocTpaHeHHOIpaicKTrHKHnpeAOcTaBjieHHi4KpeXHTOBjiIHUaM,BXOXITHM B CHCTeMy 6aHKa H CBS3aHHbIM C HeH.

* pIpH6nH3HTenbHo 20-30 KPYIHeHlIIIHX KOMMepqeCKHX 6aHKOB POCCHHnOCTeneHHO CTaHOBATCS HaCTOAIIHMH4 6aHKoBcKHmH yYpexAeHH5mmH.XOTS HX 'HCJIO H o6beM onepaiHfl Bce eige oTHocHTeJIbHO HeBemHK, OHHpa3BHBaIOTCA 6bIcTpee, xleM OCTaNjbHaA qacTm 6aHKOBCKOH CHcTeMbI, H3aHHMaEOTcS 6oJIee IfpH6bIlJbHbIMH H BaxKHIMMH BHgaM4 AesATeJhHocTH,BKJIOqaA KpexHTOBaHHe HapoxAaloUerocsA qacHoro ceKTopa,BHeiuHeTOprOBbIX onepaglH H IPHBneqeHHe BKna,gOB B HHOCTpaHHOHBaJIOTe.

C6ep6amK 6bicTpbIMH TeMriaMH paCIHPIAeT CBOH KpegTHblie onepa.lHH,Yo 6yxeT CriOCo6CTBOBaTh CylLeCTBeHHOMY yCHiZeHHIO KOHKypeNHMH B6aHKOBCKOM ceKTope. B TO xKe BpeMS 9TO C03gaeT cepbe3Hy1O oriaCHOCTby6LITKOB B c6epexceHHAx AOMaIIIHHX X03SIHCTB B pe3yJibTaTe npXHHAiTHASHeBepHbIX peuieHHfl nIO KpeAHTOBaHHIO. Poccenbxo36aHKnepecTpaHBaeTcA oieHrb Me,neHHo, ecJIH BOo6ige OH genaeT noLrrKTHrIpHCIIoOC6HTbCSA K HOBbIM SKOHOMHqeCKHM YCJIOBHSM. B Pe3Y3TTaTeBO3HHKaeT npo6neMa (4HHaHcHpOBaHHSA ceJTcKoro XO3MACTBa nocneJIHKBHaIXHH ieiieBoro KpeAHTOBaHHA. IIpoMcTpoA6aHK B OCHOBHOM3aHHMaeTCA nepepacripegejieHHem (PHHaHCOBLIX pecypcoB H3 6loAxeTaKpyHHLIM rOCygaapCTBeHHbIM rIpeArpHAM. HeKoTopmIe ero 6LIBIUHeperHoHanIHbLie oTAejeHHA CTaJIH OTHOcHTejTbHO HHaMHtHbIMH 6aHKaMH,gaBasA OCHOBaHHA ripeX nono)KHcTH, qTO AanbHefInee pa3YKpyrIHeHHeMOxCeT HMeTb Ba)KHoe 3HaqeHHe gJiS ycnemIHOM peopraHH3agHH HXAesTeJThHOCT1H.

26

4. PEDOPMA BAHKOBCKOFO CEKTOPA: CPEXHECPO'qHAA CTPATErHS

4.1 B HaCTOSAefl rnaBe onHcaHa npexiiaraemaA cTpaTerHAs pe4)opMbI 6aHKoBcKoH

cHcTeMbI, npe,uycMaTpHBa1oiasA coKpaigeHHe rocy,apCrBeHHorO KpeAHTOBaHHA, co3,aHHe

HOBorO YPOBH1 "XOpOIfHX" 6aHKOB (BaHKOB MexyHapogHix CTaHAapTOB, BMC) H

nepeCTpOAKy KPYIIHLIX crieiHanJI3HpOBaHHbIx 6aHKOB. B rnaBe TaKxKe coAepKaTcsA

8JbTepHaTHBHBIe npeXJoxeHHA no 3aMeHe npOrpaMM rocygapCTBeHHOrO KpeJfTOBaHHA,HCrIOJIb3yeMbIX UeHTpanbHBIM 6aHKOB B KaqeCTBe OCHOBHOrO HHCTpyMeHTa ripH

rIPOBeAeHHH Kpe,HTHO-XgeHeXKHOH ITIOJIHTKH, H H3iaraeTcS cTpaTerHA no 039POBJneHH1o

H IOBbIuieHHIO 94cIeKTHBHOCTH cHcTeMbI KOMMepqeCKHX 6aHKoB, geHTpamHoH qacTaioKOTOpOH ABjSleTCS rporpamma EMC. B riaBe TaKxce paccmaTPHBaoTcA CBS3aHHBIe C 9THIMHanpaBneHHeM npO6neMbI, TaKHe KaK B03MO)KHOCTh IIOITITKH NHPOKOA HeMeA3TeHHoH

peopraHH3aiMH BCeHf 6aHKOBCKOi CHCTeMbI, a TaKxe pOJIb HHOCTpaHHLIX 6aHKoB. H

HaKOHeg, o6cyxaloTcsA B03MOXHbIe HanpaBsieHimA esTeJmIHocT C6eperaTeJ6Horo 6aHKaH HpoMcTpoA6aHKa. PeKoMeHgaIHH B OTHOIneHHH PocceJmXo36aHKa o6CyKaloTCS B rJaBe6.

UeHTpajibHbItt 6aHi PoccHH: KpeRHTHo-AeHemHas iHOAHTHKa 10

4.2 LXeHTpajmHLIIH 6aHK POCCHH HcriOJTh3yeT nporpammbii geHTpanH3OBaHHoro

KpeH TOBaHHA S AOCTHeHHA gByX ienef: o6ecneqeHHA JiHKBH HOCTN 6aHKOBCKOA

CHCTeMbI H HoggepKaHNAoTgeHbIX 6I6IipeAripHATH H pa3JMqHb1X oTpacjief 3KOHOMNKN.

UIeneBbie [eHTpaIH3oBaHHbIe KpeMTI He BJISOTCA9 342eKTHBHbiM CpeACTBOM pemueHHA

nepBoA HJIH BTOPON 3agaqil, H OHH AonxcmHI 6bWm OTMeHeHbI.

4.3 B KaqecTBe MephI o6ecneqeHHA JTHKBHIOCTH 6aHKoB geHTpaRH30BaHHLie

rocyxapCTBeHHbIe KpeNHTbI MOMYT 6b1IT 3aMeHeHbI yqeTHbIMH Onlepa1AHs no

npOgeHTHbIM cTaBKaM, paLUHOHHPY1OI1HM KpegHTbI, HJIH KpegTHIMH ayKLUHOHaMH.

CoqeTaHHe 9THx ,ABYX MeTO,OB Ho3BojiSeT ieHTpajbHHbIM 6aHKaM 6o0JITmHHCTBa pa3BHTnIx

CTpaH perynMpoaTb JIHKBHAHOCTb 6aHKOBCKOH CHCTeMbI. HecMoTps Ha pa3JIWHe B

ripHMeHeHHH 3THX MeTOAOB B 3aBHCHMOCTH OT KOHKpeTHbIX yCjiOBHN CTpaHbI, B UejioM OHH

nO3BOJISOT co3gaTb paBHbIe ycj¶oBHAsI3 6aHKoB H OT,JeIHbIX CeKTOPOB 3KOHOMHKH, 'ero

He UpOHCXO,HT IpH HCroJTb3oBaHHH InporpaMM yleiieBoro Kpe,HTOBaHHAs.

4.4 KaK rOBOpHJIOCb Bbilie, ueHTpaJ¶bHbIH 6aHK HCrIOJTb3yeT yqeTHbIe CTaBKH B

KaqeCTBe KaHaiia Aim pacnpeAeneHHm iyeneBbIx KpeAHTOB, npe0ocTaBnAeMbIx noA 100pIoipeHTOB rOXOBbIX. UleHTpan]bHbIe 6aHKH B CTpaHaX pbIHOqHOHfi 3KOHOMHH 06biqHo

10. B AaiHOM pa3Aene H3yqatOTCA TOJIbKO Te acneKTmi nojiHTHKH 9P, KOTOpELe OKa3uBaIOT npIMOeBjxHAHme Ha KpeAHTHble onepayuiy KOMMepwCcKHX 6aHKOB. MeTOE, HCIIOJTh3MyeMbLe AJI o6ecneemeHijiHKBHAHocTH 6aHKOBCKOA cxcTeMEl, paccMaTpHBalOTCA TOJILKO BcBS3H c npeAocTaneHHeM rocyAapcTBeHHbixKpeAHTOB. Boiie@ noApot6Hbi alH8an 9TUX H Apyrue acneKToB KpeAHTno-eHeXcHoA nOJInTHKH npHBOAHTC

B HceJiCeOBaHHH "POCCHBCKaA DeAepaEmi: aHIai3 KpeAuTHo-AeHexHoA nonITHKH H AeATeJMHoCTU

UeHTpaAjHoro 6aHKa", MBD, oKrsi6pi 1992.

27

ycTraHaBJHBalOT y9eTHbLie cTaBKH, Ho KOTOpbIM 6aHKH ilOJIyqalOT jiroTHbIe KpeXHThIieHTpaJbHoro 6aHKa; OHH 06bI6qHO gOCTaTOqHO BbICOKH, qTo6LI orpaHHUHT6 CnpOC HaKpeXIHTbI. B 6ObIIIIHHCTBe cTpaH CnPOC Ha KpeHTlI TaKxKe cgepXBaeTcAHeo6xoAHMocThio o6ecnexeHHA KpegHTOB 31H60 rocygapCTBeHHIMH LeHHmiwm 6yMaraMH,31H60 CpeACTBaMH Ha cqeTax ueHTpajibHoro 6aHKa, rO KOTOpbIM HaqHcnXeTCA npoixeHTO6bIsHO HHxe yteTHOI cTaBKH. B HeKOTOpbIX cTpaHax HCnOJIT3OBaHHe yIeTHbixripOUeHTHbIX cTaBOK pa3peiuaeTCA TOJTbKO 6aHKaM, HaXOAgajiMCA B TAxKeJOM l7oJIo)KeHHH,HJIH onpe,geuiAeTcA ,gpyrHMHo 6CTOiTeJIbCTBaMH, TaKHMH KaK npe,gocTaBjieHHe ce3oHHLIXKpeAHTOB B ceJibcKHx paHoHax. B gpyrHx cnytaAx UeHTpam6HMI6i 6aHK HcrIOjib3yeTHeCKOJIbKO BHAOB yqeTHbIX cTaBOK, rIpH KOTOpbIX 6aHKH BlbIiiaqHBaiOT rpoieHTbi rioKpegHTamM no cTaBKaM, pa3Mep KOTOpBIX 3aBHCHT OT o6-eMa ripegocTaBjieeMbix cpegcTB,a TaKxKe OT YCJIOBHf 6aHKa HJIH OT Toro, npH6eraI JIH 6aHK HegaBHO K HCHOJIL3OBaHHOyqeTHol CTaBKH.

4.5 OripeAeJIeHHe pa3mepa yqeTHOH CTaBKH IBjiSeTCA OAHHM H3 HaH6ojiee BaxHbIXacreKTOB SKOHOMHqeCKOfI nOJIHTHKH. 06bIqHO pa3Mep yqeTHOfI CTaBKH CJIYXCHT AKOpeMXIJIM OCTaJbHbIX ripOieHTHbIX cTaBOK, gef4CTBYOl1IHX B 3KOHOMHKe CTpaHbi, a H3MeHeHHeBejiHqHHbI yqeTHOUI CTaBKH IBIASeTCA nOKa3aTeIieM H3MeHeHHf rocygapcTBeHHOUkHOJIHTHKH. YqeTHa, CTaBKa o6blqHO roxgep)KHBaeTcA Ha YPOBHe o)KHXaeMofi HH4XJISHUMH nOBbIimIaeTCA HJIH HOHHxaeTCA, Korga UeHTpaibHbIiU 6aHK xoqeT y)KecToqHTh HH

CMArqHTb KpexRHTHo-geHe.KHyIO HOJIHTHKy. KorAga 6ygeT ocyitecTBneHa cTa6flH3aw B

PoccHH, yqeTHas CTaBKa IleHTpa3bHoro 6aHKa XojixKHa nOiAep)KHBaThCA Ha ypOBHe,COOTBeTCTByOIiieM YPOBHIO HH4)JXlAHH.

4.6 B cyTIeCTBy1OIIHX YCJIOBHAX ripaBHJITHbIUI ypOBeHb yqeTHofi CTaBKH goDKeH 6bITbYCTaHOBj1eH UeHTpaJbHbIM 6aHKOM KaK 9iieMeHT InHpOKOII cTa6HJTH3auloHHoAriporpaMMbI. Pa3pa6oTKa TaKOi CTa6HJIH3aiJHoHHof nporpaMMbi a TaKxce aHaim3 pomHKpeAlHTHO-geHeXKHO riOJIHTHKH BbIXOAXT 3a paMKH HaCTOAIMero HCC3TegOBaHH51. TeM HeMeHee, OAHO 3aMeqaHHe, HMe1oTiiee oTHoieHHe K cTa6HJIH3a9HH 6aHKOBCKOUf CHCTeMbI,Bce-TaKH Heo6xoXgHMo cgeniaT6. HaqanJ6HOMy 3Tany cTa6HnH3auHH o6LIrHo HPHCYUHBbICOKHII YPOBeHb peaJIbHbIX pOileHTHbIX CTaBOK H 3aHMbI npeArpHuTHf, HaxoI.xnxcsB TAUKenOM OJIo)KeHHH, qTO 'qaCTO BegeT K KPH3HCY 6aHKOBCKOA CHCTeMbI. TaKofU xogCo6bIHTU MOmxeT OKa3aTbCA BepOSTHMIM B POCCHH, rge pa3Mep rpoiyeHTHix cTaBOK pe3KOKOJIe6JIeTCs OT nojIOxcHTeJIbHbIX X0 OTpH1aTeJIbHbIX 3HaIeHHf. 9TO 9OJIKHO yqHTIBaTbcAUeHTpaJbHuIM 6aHKOM ripH pa3pa6oTKe H peajiH3aIHH CTa6HJI3auHoHHofi nporpaMMLI.

4.7 K KOHLIy 1993 r. UeHTpaJI6HbI4 6aHK niiaHHpyeT BBecTH MeXaHH3M KpemITHiiXaVKUHOHOB JIIA 6aHKOB. BOJIbLUHHCTBO 3KOHOMHqeCKH pa3BHTbIX CTPaH TaKJKe HCrO3hb3yeTKpeAHTHbI6e ayKTHOHbI KaK Ba)KHbIA HHCTPyMeHT yripaBjieHUA JIHKBHAHOCTMiO pEiMHKa HoripegeieHRn pa3mepa rpOioeHTHbIX cTaBOK, pa3Mep KOTOPbIX O6bNHo onpeAeJIseTCAyqeTHOf cTaBKof4. Bo MHOrHX cTpaHaX Kpe,XgTHbie ayKgHOHbI Ha3M IBaioTcS COriaiueHHAlMH0 HOKyiiKe ieHHb6X 6ymar c inocjiegyEiOef BbKYIOM HO o6ycnoBneHHoff yeHe (PEHO), rgeCaMO Ha3BaHHe oTpaxKaeT rIpaBOBOEk MexaHH3M, HcriOJ%3yeMbifi Ai o6ecneqeHHAKpeAHTOB. HcrOJT3oBaHHe KpeAHTHLIX ayKIRHOHOB npegCTaBJmIeT 6o0ee cnoxKHbIfHHcTpyMeHT no cpaBHeHHIO C BBegeHHeM CHcTeMbI y'eTHbix cTaBOK. HanpHmep, c6op

28

3aM5BOK 6aHKOB Ha yqaCTHe B nOA06HOM ayKLHOHe HaTO3iKHeTCA Ha 3HaqwreLmHbieTpyAHOCTH, KOTOpbIe MOrYT OTHyrHYTb Ha HeKOTOpOe BpeMA 60JTbhUHHCTBO 6aHKOB OTyqaCTHR B ayKIHOHe. ILeHTpaJBHOMy 6aHKY TaKJKe npHgeTCs ogeHHBaTBa IiOCTYIHBUHe3aSBKH H o6ecrle'HTb HeBo3Mo)KHocTb croBopa MeJKxy 6aHKaMH. C Apyrou cTopoHui, y

ayKLUHOHOB ecTm onpeejieHHmIe npeHMyLgeCTBa, BKJIIOqaS TOT d1aKT, 'qTO OHH IBJIAIOTCSHHCTpyMeHTOM pbIHKa. 9TO B KOHeqHOM HTore HO3BOJIHT He6aHKOBCKHM yqpexgeHHMnpHHHHMaTb KOCBeHHOe yqaCTHe B ayxgHOHax, wro 6yxeT cnoco6cTBOBan rIOBBImeHHIO3cIXpeKTHBHOCTH MexaHH3Ma nepexgaqH cpexgcTB. Ha HaqajTbHOM WTane UIeHTpaJibHOMY6aHKy ciiegyeT BbICTaBJMTb Ha ayKIHOHbI JIHIUb He6ojThbyio qaCTb KpegHTOB 9ns

KOMMepqeCKyHX 6aHKOB. Ho mepe CHITM TeXHHqecCKHX npo6neM H pacumpeHHA tmcna6aHKOB-ytIaCTHHKOB o6beM KpexHTOB, BbICTaBJIAeMbiX Ha ayKgHOH, 6yAeT yBeJIH'IHBaTbcI.

B nIo6oM cjiyqae, B TeqeHHe 61HxcaUIiiiHx IIATH IieT KpeHTHBIie ayKyHOHLI BpAI JIH CMOryT3aMeHHTTb yteTHYIO CTaBKY UeHTpajBHOrO 6aHKa B Ka'eCTBe OCHOBHOrO HHCTpyMeHTaKpegHTHo-geHeX(HOH nOJHTHKH.

4.8 06igef npo6neMoif npH HCIIOJIb3OBaHHH y'eTHOH CTaBKH H npOBeAeHHH

ayKiLHOHOB ABJLMeTCSI npo6nema 3anioroBoro o6ecHe'eHHA. Boo6axe 6aHKH AOHXKHbInpegXoCTaBHTB 3ajioroBoe o6ecne'eHHe nogq HIHCTIH o6-BeM KpegHTOB iyeHTpamHoro 6aHKa.B pa3BHTLIX crpaHax TOJI6Ko rocyXapcTBeHHbIe ueHHLIe 6yMarH MOryT KBajiH4)HgHpOBaThcSKaK 3aaioroBoe o6ecrne'eHHe. B YCJIOBHsX POCCHH TaKOf BapHaHT HeIIpHeMJIeM H Bp3[; JIH

HafAeT IIpHMeHeHHe B TeqeHHe 6iiHJKaHIIIHX HeCKOJIbKHX iieT, ITOCKOJIBKy 06oeM

BbIlnIyIeHHbIX rocygapCTBeHHBIX LeHHBIX 6yMar OqeHb MaR.' UeHTpanbHbIif 6aHK Mor

6bI paCCMOTpeTb B03MO)KHOCT HnpegOCTaBjieHHA 6aHKaM rIpaBa HCnOJTh3OBaTb HeKOTOpbIeBHITI KOMMepqeCKHX 3afIMOB B Ka'eCTBe 3alIorOBbIX o60I3aTenbcTB Ha nepexoIHBiR nepHoA.9To o6b1IHas IIpaKT=Ka BO MHOrHX pa3BHBaIoUiHxcS CTpaHaX, HO OHa AOBOJTBHO

pHCKOBaHHaS, oco6eHHO B POCCHH, B CBA3H C MaC=Ta6oM KpeIHTOB, npegocrawimemIx"CBOHM" nIpepHAsTHAsM. ,JIAjs COKpaiijeHHA BO3MO.KHoro pHCKa HenoraIleHHA

ileHTpajiBHoMy 6aHKy nPHIIIJI0C6 6LI Tpe6oBaTb i6pe3MepHBIX 3aJIOrOBbIX rapaHTHH, OXHaKOH 9Ta mepa Bp3[g JIH cmorna 6bI OJIHOCTbIO yCTpaHHTh PHCKH.

4.9 MCnCOnI3yeMbie B Ka'eCTBe CpeXrCTBa noLgepxcKH OTxeJIIbHbIX CeKTOPOB

3KOHOMHKH nPOrDaMMbi rOCVIIaDCTBeHHOrO KDeIIHTOBaHHA MOrVT 6bITb CBeDHVTbl B CBoeM

6o0JIEm1HcTBe JIOBOJIbHO 6BICTDO. floxo6Has mepa ripeAocTaBHjia 6BI KOMMepqeCKHM

6aHKaM CBo6ogy pa3MeigeHHA CpeXACTB, nIony'aeMbIX B Ka'eCTBe KpeXHTOB lXeHTpajibHoro6aHKa, TOqHO TaK xKe, KaK cefqac OHH CCy)KxIOT AenO3HTHLie CpeACTBa. B TeqeHHecJe,yYIO=X Tpex-LSITH neT ripaBHTTebCTBY H UeHTpajibHOMy 6aHKy, BepOSTHO,niOTpe6yeTCs npOgOn)KaT6Tb HeKOTOpmBe nporpaMMMI roCygapCTBeHHorO KpeAHTOBaHSH BKaqeCTBe riepexoAHofH MepbI H C TeM, tqTO6bI MHHHMH3HPOBaTb B03MOXHLIe HapyUieHHA

3KOHOMHKH, KOTOpbIe MOryT HaCTYrHTh B CBI3H C oTMeHOH 9THX KpeXHToB. 06iIHf o6beMrocyAapCTBeHHoro KpegHTOBaHHS MoxKeT 6BIm COKpaugeH IIO'TH HarIoJToBHHy, T.e. nIoqrH

25 H2 OJpieHTOB OT o6igero o6beMa 6aHKOBCKHX KpeXHTOB riyTeM 3aMeHbI TaKHxKpe,HTOB XApyrHMH HHCTpyMeHTaMH, KOTOpme nO3BOjrHJIH 6LI CBeCTH ArO MHHHMyMa

11. LUeHTpanHMIt 6aHK H MHHHCTePCTBO 4tHHaHCoB H3y'18OT BO3MOXCHOCTE lipoBeAeHHA B 1993 r.ayKlAMOHOB rOCyAapcTBeHH61X BeKCeiieA co CPOKOM B TPH MecIta.

29

BepOSTHOCTh 9KOHOMHqeCKHX CpBlBOB. Bonee Toro, peaJnM3agsA peKOMeH;aiMHi,COgep3KaMRHXCS B HacTOSuIeM HCCnegOBaHHH, cnoco6cTBoBajia 6bI XaJbHefileMyCOKpaIixeHHIO KpeJHTOB AO meHee 10 HiOpieHTOB OT o6iijero o6feMa KpeXHTOBaHHA BTeeHHe nocnegyioiuix rITH fieT.

4.10 B 3HaqHTeJTbHOH cTeneHH peiueHHe pOCCHfICKoro HpaBHTeJnbcTBa HcIOJIb3oBaTb

llpOrpaMMbI rOCygapCTBeHHbIX Kpe)HTOB B KaqeCTBe rZiaBHoro HHCTpymeHTa KpeAHTHo-AeHeKHOHf nOJIHTHKH BbI3BaHO Heo6xoAHHMocTmIO y'HTMIBaTbh KecrKHe cTpyKTYPHIe paMKHH 9KOHOMHqecKHe HCKaJKeHHA, rlpHcyiIHe POCCHfICKOII SKOHOMHKe Ha Haqan]bHOM WTanepec1opM. JI.i Toro, qTo6bI cjejiaTm OTMeHy nporpaMM KpeAHTOBaHHA 3KOHOMHqeCKH H

rIOJIHTHqeCKK )KH3HeCroco6HoH Heo6xOAHMO pa3peiilHTb 3TH npo6neMbi KaKHM-TO ApyrHMcrIoco6oM. OTKa3 OT Ka)KAOf H3 HpOrpaMM rocyAapcTBeHHorO KpeHTOBaHA Ao1XeHCOnPOBO)KAaTbCS YCTpaHeHHeM CTPYKTypHbIX orpaHHWeHHl 14 HcKaxKeHHfl, KOTOpbIe

ABHJIHCb nepBOnpHI]HHOf4 HX noSBjieHHM. OT HeKOTOPb6X H3 nporpaMM MOXKHO OTKa3aTbCA

HeMeCneHHO, OTKa3 OT AgPYrHx - noTpe6yeT HeCKOJIbKHX neT.

4.11 TpH rporpaMMbI rocygapcTBeHHoro Kpe.gHTOBaHHA MoryT 6bITb noTTH6e3oTnaraTeJ3bHo 3aMeHeHbM gpyrHMH 1HCTpyMeHTaMH:

* IlporpaMMa KOHBepCCHH npeArnpHATrHA o6opoHHoi oTpaCJIH.

* rIporpaMMa, HarpaBJIeHHaA Ha pa3BHTHCe paiOHOB Kpaf4Hero CeBepa.

* [IporpaMMa HHBeCTHUHOHHbIX npoeKTOB.

XiiA peiueHHH 3agRax, CTOMqgHX nepeg 9THMH ]iporpaMMaM4, nipaBHTenjbCTBY cjie,yeT3aMeHHTh HX rIpAMbIMi4 6ioIeTHbMMH noTauiHS3MH. MHorHe 3aeMIUIHKH Ho 9THM

iTporpaMMaM cMorflH 6bI nonyxaTm CCYXIA6 Ha o6]IqHMiX 6aHKoBcKH4x yCnOBHAx. TeM HeMeHee, Ma.nOBepOs3THO, oTO 6aHKx4 6yAyT c'iHTam MHorHe H3 3THx ripegnpHsTrHAKpeAHTocrioco6HIMMH KJIHeHTaMH faaKe nocne oioJyqeHS[ AoTaigHH. B STOM cnyqae cTaHeTO'eBHAHbIM pa3Mep H3XepxeK Ha noAgep)KaHHe gesTrenb6HOCT nOAO6HbIx npexripHATHi,

H ripaBHTeJIbCTBO BbMHY:KAeHO 6ygeT peiLiaTb, B KaKHX cny'asix Heo6xoAHMo yBeCJH'iHTb HXAoTHpoBaHHe, a B KaKHX - 3aKpbrTr 9TO ipeAnPHATHe HJIH OTKa3aTbCS OT npOeKTa.

4.12 MOxcHO TaK)Ke HeMeAjieHHO CBePHyTb riporpammy "O6opOTHbIe cpexAcTBa". B6oJIbLuHHCTBe cjIytaeB, 3aTparHBafoIuHx npo6ueMy 060pOTHbIX cpegCTB, KOMMep'ecKHe

6aHKI cMorJIH 6bI C3HHaHCHpOBaTb nOTpe6HOCTH nperipHASTHAi 6e3 BMeLuaTejThcTBaripaBHTeJbCTBa H4JHH UeHTpanbHoro 6aHKa. 3To y)Ke HMeeT MeCTO Ha 6oJTbhiiHHCTBenpeAIIpHATH, KOTOpbIe He HonyqaIOT CpeCCTB B paMKaX nporpaMM rOcygapcTBeHHoroKpeAHTOBaHsA. rIocne TorO KaK 6aHKH noJyqaT AOCTYfl K pecypcam IB, He HMeioIIMqeJIeBoro xapaKTepa (T.e qepe3 y"eTHyIO cTaBKy), OHH MOri]H 6bI paCIUHPHThKpeA1HTOBaHHe 60JILU]HHCTBa npeAripHATH] , KOTOpMie nOJIyqaJIH ieiieBme KpeAHTbI BpaMKax nporpaMM rOCygapCTBeHHOrO KpeX]HTOBaHHs. OAHaKO, 6aHK]4 BPIA JIH 6yAyT3aHHTepeCOBaHb6 B KpeAH4TOBaHHH Tex npegIIpHqTHf4, KOTOpbIe HCHIOJT3YIOTnpeAOcTaBnMembie KpeXHTbl AIM orInaTbI HPOH3BOACTBeHHbIX y6bMTKOB, a He Ha

30

4HHaHcHpOBaHHA o6OpOTHbIX cpeXCTB. f0l06HbI f riogxO nO3BOJTHJI 6bI nIpaBHTeCTcTBy

OExeHb o6eM 3aTpaT Ha noIgep)KaHHe gerTeJIbHOCTH AaHHE,IX npegnpIATHA, nOCKOJTEKY

OHO 6yAeT BLIAeXJTh HM npSMbIe AOTaUHH H3 6ioxceTa.

4.13 rlporpamma ueHTpaJIH3OBaHHorO KpeAHTOBaHHA 9HepreTHqecKoro ceKTopa

3KOHOMHKH H, B oripegeneHHoR Mepe, arponpommaneHHoro KOMrIIeKca KOMrieHCHPyeT

iOpO)KAeHHLIe nOJIHTHKOM npaBHTeZJI6CTBa HCKaxKeHHA, TaKHe KaK peryjiipyembie ueHMI H

orpaH seHH TOprOBm. KaK TOJIEKO riOJIHTHKa 6yAeT H3MeHeHa, OTnageT Heo6XogHMocTh

B nporpamme noAAepxKH 9HepreTHqeCKoro ceKTopa. H CTaHeT B03MOXKHLIM COKPaTHTB

riporpammy KpeAHTOBaHHA ceJIbCKoro XO3AICTBa. TeM He MeHee, B TeqeHHe 6nHXafimHX

HeCKOJThKHX JIeT OTKa3 OT ceJI6cKOXO3AIicTBeHH61x riporpamm 6yOeT cTanKHBaThcS C

60JIIIIHMH TPYAgHOCTAMM, TaK KaK 4pepMepbI He HMeIOT B03MOXKHOCTH BbIXOAga Ha 6aHKH

H13H ApyrHe HCTOqHHKH KpegHTOB, a TaK)Ke H3-3a npHHSTOH B HacTosigee BpeMSA 4OpMhI

OpraHH3aIXHH 3aKYrIOK CeJIbXO3rIpOAYKIUIH (9TI npo6JIeMbi paCCMaTpHBaiOTCA B L'naBe 6).

KommepqecKme 6aHKH MorJII 6bI XgOCTaTOsHO 6EbIcTpo nepeKnioTHmCA Ha KpeXHTOBaHHe

arporipoMmITeHHXIX ripeAnpsHi=, a TaK.Ke Ha (4HHaHCHpOBaHHe 3aKyrIoK

ceJTbCKOXO3sIICTBeHHOA IIpOAYK1IH B cjiyqae, eciiH 6y[yT npOBeAeHLI HeO6XO,HM,bIe

CTpyKTYPHLIe pe4bopMmI. Ha 9TH ABa HanpaBIneHHSA Ae5iTeJIBHOCTH ipHXOXHTCAI OCHOBHaA

waCTm KpeAHTOB B paMKaX nporpaMMbI 4)HHaHCHPOBaHHS[ arponpombIII KOMeiieKCa.

CTpaTerH.i KoMMepmecKnx 6aHKOB

4.14 PeKoMeHAyeMas cTpaTerAs npegcTaBjTieT co6ot nocTenHeHHbIA H, B

3HatHTeJREHoR CTeIIeHH, A06pOBOJITHbIZ flIOAXOXA K 6aHKOBCKOi pedlopMe, o6ecnetrHBaIoWefj

CTHMYJIHPOBaHHe 3aHHTepeCOBaHHOCTH 6aHKOB B rIOBErIIeHHH 3c1(4eKTHBHOCTH HX

HOPMaTHBOB H nepexogy Ha 6oJIee )KecTKHe HOPME,I Hag3opa. 9To CTHMYJ¶HpOBaHHe

ARORKHO npHBeCTH K nOCTOrHHOMY pOCTy Hcjia 6o0iee BbICOKOKaqecTBeHHbix 6aHKOB H HX

AOJIH Ha pLIHKe 6aHKoBcKHx ycjiyr. HeCMOTpAl Ha TO, qTO XAaHHbIfI noAXxoA nO3BOJIHT

CHH3HTh6 AO MHHHMyMa CPLIBbI B 3KOHOMHKe, OH TOJILKO nocTeneHHO rIPHBegeT K

O3XgOpoBJIeHHlo 6aH]KOBCKOfl CHCTeMtI H nOBbIIiieHHlO ee sc4pJeKTHBHOCTH B pa3MeUeHHH

pecypCOB. Bo BCAIKOM cJIylae, HeKoTopylo noCTeneHHOCT]6 Hen163A H36exKaTn, HOCKOJIE6KY

CAMBHm B 6aHKOBCKOi CHCTeMe MOryT npOHCXOAHTB TOJIbKO OAHOBpeMeHHO C

npeo6pa3OBaHHeM 3KOHOMHKH B iXeJIOM, KOTOpOe MO)KeT npOXOHT]6 JIHH11b

nocTeneHHO.' 2 BO3MOXCHOCTmb H Lejiecoo6pa3HOCTb HPOBeAeHHS anji1TePHaTHBHOf

12. BOJIUIHHCTBO cTpaH BOCTO4HOA EBpOnII, TaKxce npHAepXcMBa.jiCb nOWTarIHorO nOAXOAa npu

nPOBeAeOHHH 6aHKOBCKOA petPOpMbI, KOTOPbE , TeM He MeHee, OTJIH'ajCSA OT POCCHACKOrO BapmaHTa, ITO

CBS3aHO C rjiY6oKHMH pa3jH'qIHMH B CTPYKTYPO 6aHKOBCKorO CeKTopa. B Io mme Bce KPYnHble

KOMMepqeCKHe 6aHKH nPHHajiexKaT HeriOCPeACTBeHHO npaBHTeJIhCTBY, KOTOPOe npOBOJRUT HX nOCTeneHHYEO

nepecTpoiKy H npHmBaTH3aqHiO (CM. "Enterprise Reform in Eastern Europe", S.Van Wijnbergen, The

World Bank, WPS 1068, January 1993). B BeHrpmH nOA KOHTpOneM rocyAapcTBa HaXOASTCi Bce KpynHbIe

6aHKH, XOTA CyLueCTBYIOT H aK1uKOHepHbIe 6aHKM, npmUeM B HeKOTOpEIX H3 HMX rocyAlapCTBo He pacnojliaraeTKOHTpOflbHbIM naKeTOM aKLHMi. nlepeCTpOiKa AeSTe3BHOCTH 6aHKOB npOBOAMTCS nO3TanHO, U npaBMTeJILCTBO

npeArnonaraeT Co BpMeeHeM COKPaTHTb cBoe y'acTTe B HMX (CM. Competition and Efficiency in Hungarian

Banking, D.Vittas and C. Neal, The World Bank, WPS 1010, October 1992).

31

"o6BaJMHOH" MoXePHH3aLlHH 6aHKOBCKoro ceKTopa KpaTKO paCCMaTpHBaEOTCA B KOHLIe

HacTosI11gef rJiaBbI.

4.15 HIporpamma "BaNK Me*JyHapOlHbIX cTaHAapTOB". UeHTpajbHbIM 3BeHOM

peKOMeH,yeMoH CTpaTerHH 1i O3AOPOBjieHHIO H rnOBuIIneHHMO 344eKTHBHOCTh CHCTeMbIKOMMepqeCKHX 6aHKOB ABJISeTCA riporpamma "BaHK MexKyHapoIHbix cTaHAapTOB"(BMC).13 KoHiXemi BMC npeWycMaTpHBaeT CO3AaHHEe oTAemIHoro YPOBHA 6aHKoB,

KOTOpbIe 6yXyT 6oJiee BBICOKO KariHTaJIH3HpoBaHbI, 6y;wT npHAePXKHBaTbCA 6o0ieenIpaBHJIHOM 6aHKOBCKOl nIpaKTHKH H CTaHyT o6beKToM 6onee npHCTaJbHOrO BHHMaHHSAno CpaBHeHHIO C gpyrHMH 6aHKaMH. ByXeT riOO1pAThCA Ao6pOBO3IbHLIf4 nepexoA B cHcTeMy

BMC nyTeM npeAocTaBjneHHA HM psAa jibrOT B oTjiH'He OT 6aHKOB, He HMe0OmX cTaTycaBMC. HacToAiee HcCieAOBaHHe He paccMaTpHBaeT BOnpOCE6I, oTHoCAHIIHeCA K BHegpeHHIOcTraHgapTOB BMC BO Bcex pOCCHfICKHX 6aHKaX. H XOTSA paHO HuI no3AHo IeHTpajThHbIui6aHK 6ygeT B6IHyxKAeH nepeESTH K HnOX6HOf4 ripaKT4Ke, 9TOT nepexog BPAU JIH HpOH430oAeT

B TeqeHHe 6IHxKafiiiHx IATH iieT H, cfielOBaTeaJbHo ero peajin3auHM BbIXOHT 3aBpeMeHHLIe paMKH HacToAiuero HccieAOBaHHAl.

4.16 flporpaMMa BMC cTaBHT riepeg co6off cieAyiouyse B3aHMoCBs3aHHbie 3aAaqH:

* Co03,aHHe ceTH 6aHKOB, OTBeqa0o1Hx Tpe6oBaHHSM BMC, KoTopbIerIpHMeHSIOT JIyq'lylO ripaKTHKY 10 CpaBHeHHIO C ApyrHHMH 6aHKaMH.

* IlocTerieHHoe 030OPOBleHHEe 6aHKOBCKOfl CHCTeMbi POCCHH, KOTOpOe

6y,AeT ripo0C0xoAHn mepe pocTa tHcna EMC H yBeJIHueHHA Hx AOJIH B

6aHKOBCKO04 geATeJIhHOCTE4.

* HIOBbIeHHe 94lx1eKTHBHOCTH 6aHKOBCKOU CHCTeMbI B pa3MeLLeHHH

pecypCOB riyTeM yBejiHqeHEKA AoJm KpeAHTOB, npeAOCTaBnAeMEbIX 6aHKaMH

Ha KoMMepqeCKO4 OCHOBe no CpaBHeHH1 C IOnYqHBIUHM B HacTo5fnUeeBpeMX LIHPOKOe pacipoCTpaHeHHe KpeAHTOBaHHeM aKIHOHepOB 6aHKa

H CBS3aHHBIX C HHM npegripHASTHi.

* O6ecneqeHHe HH4¢opMaiwH AJIA HaceIeHHA qTro6ui ARaTm HM C

BO3MO)KHOCTh onpexAejisTb 6aHKH, COOTBeTCTBYIOUWHe KOHKpeTHbIM

11OTpe6HOCTAM KnHeHTOB.

BMC Mor0m 6bI cTaTb OCHOBO0l AXR HHTerpatwir 6aHKOBCKOff CHCTeMbI

PoccHH B mexAyHapoAHEiie j3HHaHCOBE6Ie pbIHKH. CTaTyC BMC o6nerqHJ 6BI HHOCTpaHHLIM

KoMTamAHM H 6aHKaM BbI6op jIyIiuHX 6aHKOB AJIM ocyigecTBEieHHA o0iepaIgHf1 B POCCHH.

13. B TeOeHHe npoiulioro ro,a B paMKax riporpaMMbI TeXHH'eCKoro coTpyJHmqecTBa BCeMMpHbLi6aHK 3aHHMajicx pa3pa6oTKok nporpaMMEI BMC COBMOCTHO C UcHTpaAbHbM 6aHKOM H oco6CHHo eroMOCKOBCKHM oTAejieHHeM.

32

4.17 B cnexywoax pa3gxenax rpsHBO,HTCA nHDmetD unama nporpammw i IBMC,cocTosiierO H3 Tpex OCHOBHbIX KOMnOHeHTOB: Ha6opa HOpMaTHBHbIX Tpe6oBaHHiI,

KOTOPbIM 1OJTxKeH COOTBeTCTBOBaTb BMC, KOMIImeKCa npeHmyulecTB, KOTOpbie MOmrf 6b1InpHBne,q 6aHKI K BCTyrICeHHMO B CHCTeMy EMC, H KOMInieKca aAmHHHcrpaTHBHbIX Mep,KOTOPbIe cneiyeT npeAnpHHsAm rsi nPOBeAeHHS npOrpaMM]l.

4.18 HopMaTHBHbie Tpe6oBaHHS nporpaMMbl. HpexrnaraeMbIe cTaH,japTmi MoyT 6b1mBBegeHbI HeMeAJIeHHO J1160 OCyu1eCTBjieHbI IocrenIeHHO B TeqeHHe 6nft aimxx nAm-gecsT i neT. B mo6oM cjiyqae HOpMaTHBHbHe Tpe6oBaHHA AonaKHi 6bm o6xs[BJIeHbI CMOMeHTa BHeApeHHA ripOrpaMMbI, C TeM wo6bI 6aHKH 3HamI, KaK HM HeO6XOXUMOnepeCTpoHnCAi ARA151 BCTryIIeHHA B CHCTeMy EMC. HanpHmep, B HaqaJIe BHeXpeHHAnporpammhi cTaH,aPT lMC B oTHouieHHH nOKa3aTejiS COOTHOIIIeHSA yCTaBHOrO KanHTaiJaK aKTHBaM HIO B3BeuieHHo cTerIIeHH PHCKa Mor 6bi 6bm yCTaHOBJIeH Ha YPOBHe 8npogeHToB. B anJTepHaTHBHOM BapHaHTe 3HaIeHHe [raHHoro Ko94)4)HieHTa AOJTKHO 6im

TaK)Ke 06¶b[BjieHO C MOMeHTa BHeApeHHA ripOrpaMMbI, H 6aHKH, KOTOpbIe XOTXT 6MmI1PH3HaHHbIMH EiMC, AOJUKHbI nOAHAT KO34"HgHeHT oTHomeHHfI KanHTanIa K aKTHBaM

Ao 4, 6 H 8 npOIeHTOB K 1994, 1997 H 2000 rT, COOTBeTCTBeHHO (npH YCJIOBH HaqaiianporpaMMbI B 1993 r.).

4.19 XOTSA noITaHHoe peOpOPMHpoBaHHe BbInAA1HT 6onee noAxoA=HM ARA ycnoBHflPoccHi, UleHTpajihHoMy 6aHKy noTpe6yeTCS H3yqHTI BO3MOXCHbr KOMnpoMHccHHiABapHaHT Mex1y 9THMH AByMA1 nOAXOgaMH. npH "paHKaJbHOM" noAxoge npegnonaraeTCA,rTo 6aHKH ynyquaT 3cI4eKTHBHOCTB cBoefI AeATenJhHOCTH HeMeA1ieHHO, oAHaKo mnIm

HeMHOrRe 6aHKH B TeqeHie AuHTeJbHorO BpeMeHH CMOryT noAAepXCHBaTm ypoBeHL,ygOBieTBOpAIOU.Hi Tpe6oBaHmSM EMC. B [pyrofI CTOpOHbI, B pamKax nporpaMMbInoWTanmHo pedpopmbI nosBmieHHe s(bq)eKTHBHOcTH Ae3rreJILHocTH o EMC MOXCHO 6yAeTcKa3aTm, wro 9TO JIyqIlHe 6aHKH H WrO 9T0 0603HaqaeT HX 6onee sq44eKTHBHyio

peopraHH3agrno no cpaBHeHHio c ApyrHMH 6aHKamH. rIpeHMyU.eCTBo no9TamHoro noARxoxga3aKmo'IaeTCs B TOM, wro roTpe6yeTcs MeHbIIffl o6feM jTbrOT wTo6bI 3aHHTepeCOBaTh

6aHKui nepefmTH B KaTeropHIO EMC. HeKOTopas 11O3TaIHOCTm O6A3aTenLHo 6yxAeTnpHCyTCTBOBaTm B J1O6OM cnytae, HOCKOJIbKY yyKecToeHHe KOHTpOAS 3a AeATeJ3THOCTblO

BMC 6yAeT IIpOHCXOAHTb riOCTeIieHHO, no mepe paClUHpeHHS1 BO3MOxcHOcTe

IleHTpaJbHoro 6aHKa.

4.20 B 9TOf CBS3H BO3HHKaeT Boiipoc: rioqemy 6bI He BHeApIHT cTaHAapTmI EMCrIO9TaIrHO, HO OAHOBpeMeHHO ARA Bcex 6aHKOB? TaKOil mar He npeAcTawBieTCS HHB03MO)KHMIM, HH XenaTenbHbIM. rlpexAe Bcero, ripH BHe,gpeHHH 6onee wecTKHxCTaHAaPTOB 6omIIIasA qacT 6aHKOB He cMo)KeT COOTBeTCTBOBaTh HOBbIM HOpMaTHBHbIMTpe6OBaHHSM. I1 6bIJ0 6bI HeBePHO nOJIHTH,eCKH H OqeHb He6narOripHATHO ,n o6iixefkCHTYaIHH IIOrbITaTbCS JIHIIIHTb JIHleH3HH BCe 6aHKH. BO-BTOPbIX, UIeHTpaJThHMi 6aHK HepacrioJIaraeT B03MO)KHOCTSMH KOHTpOLA H npOBepKH COOTBeTCTBHA BBOAHMbIMTpe6OBaHSiAM He TOJThKO TbICWA, HO xaaxe H COTeH AeiCTByIOiouX 6aHKOB. C ApyroiicropoHibi, ripegcTaB AeTCA enecoo6pa3HbIM 6e3oTnaraTenbHo BBOIHTh HODMaTHBbI IBMCno OTHOIUeHHIO KO BCeM BHOBb OTKDbIBaeMbiM 6aHKaM. ro mepe pa3BePThIBaHHIA

33

nporpammbx BMC IUeHTpaimHbif 6aHK gOi)KeH BbUiaBaTh JIUHieH3HH TOJTbKO TeM 6aHKaM,KOTOpBIe COOTBeTCTBYIOT HopMaTHBaM BMC.

4.21 CnexywowuHe IIxBTh cTaHaaDToB MoryT 6brm npHHsATI AnI peocTaBneHHcTaTyca BMC. KaK rOBOPHJIOCb BbIIme, HeKOTOpbIe H3 9THX CTaHXaPTOB MOr3IH 6b1 6bItmBBegeHbl HeMeAJIeHHO H B nIOnHOM o6ieMe, iipeXWCMOTpeHHOM B ojiroCpo'HHOfHOIITHMaJHOH riepcrieKTHBe, HfiH MOryT BBOHTCSA IIO9TarIHo. B mo6oM cnyqae, BcegeACTByiOUyHe 6aHKH gOJKxHbI 6yxWT ripegnpHHASTm 3HaRTeJIbHbIe YCHJIM noCOBepiUeHCTBOBaHHIO CBOeH geArTen6HOCTm C TeM, qTO6bI COOTBeTCTBOBaTh HOpMpTHBHMmTpe6OBaHHAM BMC.

4.22 IlepBbIe TPH cTaHxapTa MOryT 6bITb nO9TaHHO BBegeH6I B TeqeHHe yKa3aHHOrOB CKo6Kax CpOKa

* BMC gojiJeH cooTBeTcTBoBaTb HOMpaTHBaM pa3mepa KaIHTaAa,IIPpeYCMOTpeHHE,IM Ba3enb6cKHM cornameHH4eM Him cTaHAapTamH EC, To eCT6CooTHOIuIeHHe yCTaBHOrO KaIHITaha K B3BeiueHHBIM no cTeneHH PHCKa aKTHBaM AOJIXCHO

6L1m He meHee 8 flpOUeHTOB nrpH HalHIHH AOrOiJlHHTrejTHiX OrpaHHqeHHiE B OTHOmeHHHCTpyKTypbI KarUTaIia. (nSIA-AeCS neT).

* BMC He XrojDKeH npegocTaBjisTm OXHOMY 3aeMUHKY 3aH4Ma,npeBbimaioilero 25 npoLieHToB cBoero KanHTana Bonee Toro, o6MaA cyMMa KpegrHTOB,npegocTaBjiAembix OXHOMY 3aeMnHKy, rIpH YCJIOBHH, qTO Kax)bIt 14 H3 HHX noJiyqaeTKpeAHT, paBHbIfi 10 H 6ojiee npoieHTaM KanurTana 6aHKa, He Mo)KeT npeBmiuaTh 6onee em

B BOceMb pa3 pa3Mep KanHTana 6aHKa. (TpH roAa).

* BMC He Mo)KeT npeAocTasjuim npeAnpHATHo-axiLHoHepy 6aHKaKpeAHThI B CyMMe 6onee 10 npOi.eHTOB Ka&ITaJTa 6aHKa, a o6wgfi o6fbeMTaKHX KpeAHToB He MO)KeT npeBbIIliaTm 20 npOgxeHTOB KanmTaJIa 6aHKa.Bce KpeAHTHMie onepagHiu C npeAnpHArTHMH-aKtcHoHepaMH 6aHKa

AOJDKHbI rpOBOXIHThCA TOJThKO Ha KOMMepteCKOfl OCHOBe (nsTb neT).

4.23 OcTanbHbie cTaHAapTbI, KOTOpbie AOJIKHbI 6bIT BBeAeHbI HerocpeACTBeHHO

nocne Haqana nporpaMMbI:

* Pa3Mep KanHTajia BMC AOjiueH 6brlT He MeHee oAHoro MH3inHaPAa

py6nefi, MHHHManbhHwIH YPOBeHb6 KanrTana AOjDKeH KOppeKTHpOBaTfCSI

exKero,iHo c yqeTOM YpOBH1I HH43JIAIIHH.

* BMC xonxJeH npeAocraWIATB KBaPTaTHbIbe oTeTmI o60 BCeX 3aeMIugKax,

KOTOpbIM npeAocTaBnieHo 6oJiee 10 npogeHTOB KanHTaJTa 6aHKa, HJIH

6o0iee 5 iTpoLIeHToB, eCJIH 3aeMUWK SIB3iSeTcS aKuOHepoM 6aHKa.

34

* IBMC AojiJeH pacnojiaraTm pe3epBHbIM 4)OH,gOM Ha IIOKpbITHenOTeHgHaJIbHLIX y66IITKOB HO ccyAaM, no KOTOPbIM He ynnaxmBaeTcsCCYXHbIH npoiReHT.

* EBMC ,ojiKeH HcIIonM3OBaTh IpHHSThIe MeTo,ri yteTa H oT'eTHocTrH HpeAOCTTaBjiATb oTqeTbI B OTXeZJ Ha,3Opa IeHTpaJIbHoro 6aHKa AJI

OTCjeI)KHBaHHA CBoero 4)HHaHCOBOrO COCTOHHSH.

* EMC xojixeH noxiBsepraTmcA exceroxrmof ayXiiTopCKOk ripoBepKeaygHTopCKOH BHeIHeii 4)HpMOf H3 qHcfla peKOMeHXOBaHHbIXUeHTpajThHBIM 6aHKoM.

* EMC ,oniKeH npHg"epflHBaTbcA "npaBHJI rIpoBeAeHHA", pa3pa6OTaHHbIXUeHTpaJbHLIM 6aHKOM AJIs peryjmpoBaHI OTHOmeHHfi 6aHKa cKJIHeHTaMH H rapaHTHH YeCTHbIX H CIpaBe,nIHBbIX OTHOmeHHf.

4.24 JIbroTbi, npelocTamseMbie BMC B paMKiax npOrpaMMbJ. fIaKeT nbrOT XOjDKeH

npecJxexosaTm ijenm CO3XAaTb KPHTHqeCKYIO Maccy EMC, T.e. 'lHCJIO, AOCTaTOqHOe qTro66iC(DOpMHpOBaTm AXpO 6aHKOBCKOH CHCTeMbI, HO He HaCTOJIbKO MHOrO, oftO6bI IeHTpajmHbIH

6aHK He MOr 6bI OCyigeCTBJLTb ROJDKHOrO Ha,3Opa 3a HX esATenbHocTMbo. rlpHiiaraeMbiHHIeK nepeqeHb npH4BOXHT nDHMeDbI JibrOT, KOTOpbIe MOrJH 6bi 6BITb ripeAocTaBJIeHbIEMC.

IIpaBo nojiyHTB cTaTyc EMC. rIoxo6Hbif4 cTaTyC HMeJI 6bi 6onbImoe3HageHHe xiiA 6aHKa, IIOCKOflbKY AaBan 6b eMy B03MOXKHOCTh IlflaTHTh

MeHbuIHe npoxeHTbI no BKJIaxgam.

* Bonee AeiiieBbie KpeAi4TbI IleHTpanbHoro 6aHKa. riony'eHHLIe JTm6o no6onee HH3KHM yqeTHbiM cTaBKam, 3IH60 3a cieT pa3peimieHms 6oneeAeIIIeBoro 3anorosoro o6ecrieqeHHA. 9To MOXKHO onpaBxaTm qHCTOKoMMep tqecKH: Kpe,HTOBaHHe BMC 6bino 6bI CBS3aHO c MeHbuiHM

P4CKOM.

rlpexocTaBjieHHe jTbrOT B OTHOUieHHH CTpaXOBaHIA BK1IaAOB XOMaUIHHXX03Af4CTB. OxHa cTpyKTypa 9TOi imroTbI npexnonaraeT BHeceHHe BMC6onee HH3KIIX CTpaXOBbIX B3HOCOB npH CTpaXOBaH4HH 9THX BKna,OB.CyIeCTByeT H xrpyrof, 6onee 93c1xeKTHBHBIlf nyT6: HCnO3Th3OBaHHeAOCTyria K CTpaXOBaHHIO BK3iaXOB KaK CTHMYJI ARA 6aHKa BOATH B CHCTeMyBMC. EMC flOJIyIHJI 6BI AOCTyrl K CTpaXOBaHHIO BKJInaOB AOMaifiHHXX03AftCTB H HMeJi 6BI BO3MOXHOCTb HCnOJIb3OBaTh 9TH BKjia,bI X4AOCyigeCTBJIeHHIA KpeAHTHbIX onepaLgHH, npHpepXHBaAi6 npH 9TOM JIHIU6

O6bIqHbIX pe3epBHLIX Tpe6oBaHHf4 B OTHOuieHHH aHHbIX geno3HTOB. C

Apyrou CTOpOHbI, MOJCHO 6bIJI0 6bI BBeCTH nojio)KeHHe, B COOTBeTCTBHHC KOTOPbIM 6aHKH, He BXOAa1IUMe B CHCTeMy BMC, AOjLKHbI 6bIJIH 6LInOnHOCTbIO nepeBOxHTh BKnaI]bI AOMamHHX XO3XACTB Ha CHneiHaJbHHiH

35

cseT HOA HH3KHH npOileHT B UeHTpanJ6HOM 6aHKe AIA co6rnoAeHHAripaBHJI CTpaXOBaHHA gaHHbIX BKnaAOB. TaKas npaKTiUKa rapaHTpoBana6bI IIOHTH HCKJIIOtIHTeJIbHoe BHeCeHHe BKjiaAOB AOMa8UHHX X03AACTB BBMC HJH B C6ep6aHK. rIOMHMO 3Ha8HTeJIT6HOrO rlOBbI6iiHIeHI3aHHTepeCOBaHHOCTH 6aHKOB BOUITU B qHCJIO BMC, 9TO TaK)Ke 1I03BOIIUO6bI Cep)KxaTB pa3BHTHe CHCTeMHbIX rIpO6JieM B 6aHKOBCKOf4 cHcTeMePOCCHH." 4

CHHpKeHHe "Beca" Toro 1HJIH HHoro PHCKa, HCIOJh3yemoro IIPHoTpeAeneHHH aCeKBaTHOCTH KaiiHTaJa 6aHKa,rro npHBeAeT c cHHX(eHHiOCTOHMOCTH 3ae MH6IX cpegTcB Ha me)6aHKOBCKOM pbI6HKe. HUeHTpam6H16uA6aHK TaIKxe mor 6ibi orpa.HHqHT]b KpeAHTHY10 AeATeMT~HOCTb C6ep6aHKa,pa.3peLUHB emy nPexAocTawLqTis 38.eMHMi cpeACTBa Ha mex6aHKOBCKOMPbIHKe TOJIhKo 6aHKaM BMC.

* pJ O6ierTIeHHe paCIlHpeHHA ceTH 68aHKa. rryTem aBomaTH eCKpa.3peifLuHHS Ha CO3Aa8HHe HOBBIX oTAenieHHfi 6aHKa H iTeOTajeRripeHMyBgecTBeHHoro inpaBa Ha rIOKYBnKY IHKBH6HpyeM6ix 6aHKOB.

*6 3aHCYMIorHTeJMHoe p H r a B KaqeCTBe Ha nHTB K8.oT CTb 6aHKa-ylIa.cTHHKaB pamKax 6yAuyigefi flporpammbl Ka.CKaAxHoro (HJIH rnHpamHAHoro)II.HHLHfa p8.3 a3eulHHA KpeAHTOB (THna ArIEKC) npH iMpOBCeAeHHHonepalHfl ca YICTHem meKAXyHa.pBOXAHbIX (CHHa.HCOBbIX opraHH3alIHH4.

N llpNBOolepxNKa nlpH l4HHa.HCHpOBaHHH KOHCYJI]bTauHOHHLIX yCjiyr,KOHTpa.KTOB Ha yripa8BJ1eHHe H A~PyrHx noAo6Horo poga corniaieHHfl 0CTNCyAHHqeCTBe C HHOcTpaMHH16MH 6aHKamH.

4.25 YnpanBneHHie nIporpammo EMC. AM KOOPAXHHaiHH rIporpambMM, B]6iAaqHflHI Mi H COBmeCTHoro c KoHTPOJI"HbIM YnpaBJIeHHem pueHTpaJibHoro 68.HK HaA3opa3a AeAITejhH0onmo BMC UeHTpaJA6HLIA 6 aHK AOjiKeH CO3A TO cneLuHajHoe YcIpaBneHHeBMC. YnpaBneHHe MOrJIO 661 6MI CT 3XC08.HO Ha OCHOBe MOCKOBcKoro oTAejTeHHAlUlelrpaAb6Horo r6aHKa, K0T0poe B HaCToAsiTee BpeMA1 pa3pa6aTIBaeT niporpammy BMC.

4.26 BaHIKH, x(eJiaioIHe no3yHTb cTaTyc BMC, morHiH 6b o6pawaTmcsHeceATeH B Aa.HHoee ypaBIeHHee H npe fHCTKBJTB Heo6xoAHMBIe CBeAeHHA BCOOTBeTCTBHH c Tpe6oBaHHSIMH K JMC. YnpaBneHHe J3MC 6yxgeT o6SI3aHO B KOPOTKHII CPOKimH6o 38p* HcTpHPOB8Th 68HK B KaaeCTBe BMC, JIHoO Bp 0CTa8BHTi6 8aprymHTOBaHHMKAoTKa3. B cjiy'iae eCnw1 Ka.KOui-31H60 113 6a.HKOB, nOJIYtIHBUIIHH cTa.Tyc BMC, nxepecTaeT

14. B npOTHBHOM cnyae, M aHKH, He BxorAMHe B CHCTemy BMC, rIOBLICHJIH 6 nrpoilewrHiiie cTaBKHH npiaRneKcx 6E1 60onUHHCTBO 3acTpaxOBaHHLrx B1U12agoB. Y HHx noSIBmjiacE 6E1 B03MOXCHOCTJ, npeAOCTaBRAT]6mm cpeA~cTBa CJImuxom PHCK0BaHHBEM 3aCeMU.Kam" mixHi aKy1OHepam 6aHKa. B1naA4HKH He 6b131M 6L3aHHTCPeCORaHHbI B KOHTpojIe HaAO MCYIJIb3OBaHHem cpeACTB CO CBOHX BKJia,OB, fOCKOJIbKY STE noC3IeAHHe3aCTPaXOB3.HLI.

36

COOTBeTCTBOBaTh HOpMaTHBHLIM cTaHAapTam EMC, ynpasneHie BSMC yBegXoMHT o6 9TOM

6aHK H onpegenHT CPOK, Heo6xogIHmibif H ;XOCTaTOqHlbri AnA peiemiAs C03AaBmeficAnpo6neMbI, HanpHMep 3 Mecxia. B cnyiae ecJH yKa3aHHbIe HeAocTaTKH He 6yxryTyCTpaHeHbI B TeqeHHe OTBeAXeHHOrO BpeMeHH, ynpaBjieHHe EMC AOJIXHO JIHIIHTh 6aHKcTaTyca E;MC, o0HOBpeMeHHO nHiHaq ero COOTBseTCTByIoiHx npeHmyiixecTB, BKJIIOtIa-S ripaBORCnOJI63OBaTb cTaTYC BMC.

4.27 nocAexcrBHqs BHeApeHHSI IporpaMMbi BMC. IlpH6JIH3HTejibHO ABaAguaTh-TpHAaT

KOMMepxieCKHX 6aHKOB y)Ke pa6oTalOT HaA yKperIIieHHeM CBOHX 6aAaHCOBbix OTqeTOB HnOBbIIIeHHeM ripO4beCCHOHanJbHO0 IIOrOTOBKH riepCOHaJa; HeKOTOpbIe H3 HHX nIbrraIOTCSCOKpaTHTh 06obeMbM KpeJHTOB OAHOMY 3aeMIWKy H aKiuOHepam 6aHKa. npOBeAeHHeIIpOrpaMMblI OJDKHO 3HaqHTeJIbHO YCKOPHTb 3TOT npoiecc, H 6oJmHHcTBo H3 yKa3aHHLIX6aHKOB MorJIo 6BI BCKOpe cTaTb qIIeHaMH CHCTeMbI EMC, ecJIH HOpMaTHBH]Ie cTaHAapTi6yAyT BBOAUTbCS no9TanHo. KoniHWeCTBO BMC H HX AoJu PbIHKa 6yiyTr nocTeneHHoBo3pacTaTb, oco6eHHo Ha Tex pbIHKax, rAre nporpamma npe,ycmaTpHsaeT BBeAreHHeonpeAejieHHbIx jibroT, HanpHMep, rIPH onepaulsx C BKJI8aaMH ROMaIIHHX XO3XN4CTB HHHOCTpaHHbIMH KIIHeHTaMH.

4.28 CTpyKTypa Co6CTBeHHOCTH 6aHKa CTaHeT OCHOBHLIM npenIATCTBHeM paCIHpeHIIXCHCTeMbI BMC, nOCKOJInbKY MHorHe 6aHKH He CMOryT HJIH He 3aXoTAT COKpaTHT6 o6leMKpegHTOBaHHA CBOHX aKIXHOHepOB. C Apyrofk CTOpOHbI, BaxcHefZINHM KaTaiJU3aTopOMpacriHpeEHHA cHcTeMbI BSMC cTana 6EI1 HHTepBeHI.HA UeHTpaH]6Horo 6aHKa B BOflpOCaXJIHKBHAIaUHH HenriaTexKecnoco6HbIx 6aHKOB H nepeHeceHHA y6bITKOB Ha BKJIaAqHKOB, qTO,BepOATHO, npHBBeno 6bI K "6erCTBy 3a KaqeCTBOM", T.e. nepeBOxy 6H3Heca H3 He-I3MC BBMC. TaKoz nepexog nomor 6bI UeHTpajibHOMY 6aHKy BbIABHTb ApyrHe HCnbITbIBaioIIgeTPYAHOCTH 6aHKH, B AXeTenJbHOCTh KOTOpbIX Heo6XOAHMO BmeiaTbCX KaK MO)KHO

cKopee. 15 JIHKBHgaUSA1 HeniIaTeKecrnoco6HbIx 6aHKoB XR3HeHHO BsaKHa He TOJThKO LJIycneuiHoro ocyyeCTBjieHHA riporpaMMbi B MC, HO TaK)Ke ARA 3aKperiJieHHs pedlOpM HanpeAnpHATHAx. Jho6aA cTpaTerHA pecbopM o6peqeHa Ha nPoBani, ecJIH He 6yAeTIpegyCMOTpeHO CaHKINHf 3a He3cIcIeKTHBHyIO pa6oTy.

4.29 B KOHeqHOM HTore UeHTpajIbHLfi 6aHK 6yxeT BLIHyxKAeH BHeApHTb cTaHAaapT6IBMC BO BCex 6aHKoB. 9TO nOTpe6yeT OT3bIBa jiHLeH3HfI H, B03MO)KHO, JIHKBHgayLHHMHorHx 6aHKOB. TeM He MeHee, pacnpocTpaHeHHe HOpMaTHBOB BMC Ha Bce 6aHKH cTaHeTHeo6xo;XHMbIM, Korga BMC 6y;XyT o6ecneqHBaTb 6ojmbiyio qacTb onepagHfl Bcero6aHKOBCKoro CeKTOpa. 9TO nO3BOJIHT CBeCTH K MHHHMYMY B03MO)KHbIe He6JIarorIpHKTH]6IeHapyIleHHH5I B 9KOHOMHKe. rIOAO6Hoe BPAA JIH nPOH3ofleT B 6uiiHKafiIHe AeCATb ReT,

rlo9TOMY AaHHbIIf Iuar He paCCMaTPHBaeTCA B HaCTOAIixeM HCCiieAOBaHUH.

15. ECIiH 6aHK, HaXOASxUiACS B TPY,HOM nOjO2KeHH1, 06CJIYXcHBaeT TePPHTOPHIO HNH OTPaCJIL3KOHOMHKH, B KOTOPbIX OTCYTCTBYeT Pa3BeTBAeHHaq 6aHKOBCKaS ceOT, LUeHTpam6Hbd 6aHK AOJDKeH

PaCCMOTPeTb BO3MOXKHOCTE. nepeBoAa AaHHoro 6aHKa nOA CBON KOHTPOub, YBeJINqeHNH KanHTaJIa 6aHKa HnpoAaxcm ero 6aHKy EMC.

37

4.30 PCIC, CBq3aHHbli C npeAnaraeMoiZ CTpaTermet. Cy-IeCTBy1OT gBe OCHOBHbXHpHqHHMb, HO KOTOPbIM nporpamma MOxKeT He HPlHBeCTH K o6aLeMy yCOBepIIneHCTBOBaHHIOAeSiTeJIBHOCTH 6aHKOBCKOfI CHCTeMbI:

IfporpaMMa MOWKeT He CyMeTh npHBJIeqb AOCTaTo'Hoe KOjiHqeCTBO6aHKoB, HJIH npeHmyigecTBa, npexAocTaBsneMbie liMC, OKaKYTCASHegOCTaTOYHbIMH 4TO6bI 3HaqHTeJIbHO YBeiiHqHTL HX AOJIIO pbIHKa

MTO6bI yMeHbB1HTh 3TOT PHCK UeHTpajibHbi 6aHK xojnieH pa3 B nonroAanepecMaTpBaTb YCJIOBHA, npeXuiaraembie EBMC, B CBeTe H3MeHeHHIfOTHOCHTenJbHOrO MacInTa6a ceKTopa B3MC.

* ,,eATeCJbHOCTb 6aHKOB, He SABJ1IOIIAHXCx ALieHaMH cHcTeMbi BMC, MoxKeTBbI3BaTb yxyiuieHHe He TOJIbKO HX CO6CTBeHHbiX rIOKa3aTenef, HO Hpa6oTy 6aHKOBCKOff CHCTeMbI B UleJIOM, eCnH OHHI, HanpHMep, HIOBbICATiipOueHTHYlO CTaBKY O ypOBHA, KOTOpbIIf OCJIOXKHHT onepaLxHH 6aHKoB

BMC, HJI4 CHH3ST KPHTePHH OileHKH HpH HnpegoCTasBfeHHH KpeIHTOB.

XTO66m H36e)KaTh 9THX npo6neM UeHTpajibHbi6 6aHK xOjL-KeH HaIpaBnITb 'iacTb CBOHXycHJHfi HO KOHTPOJIIO Ha 6aHKH, He HMeIOimHe cTaTyca BMC, KOTOpbie 6y;LwT npoxonxaTbpaCIIHMpTh 06¶BeMLI CBOHX onepauHA H nocnIe Haqania nporpaMMbi.

4.31 Cniejyer iiH pOCCHt4CKOMy npaBHTenjbcTBy HOnbITaTbcq ocyIUecTBHTb o6BabTHyO"peoprmHH3aWHo 6aHKoBcCKo}t cHcTeMbI? Bonpoc O B03MOJKHOCTH MaCCOBOU peOpraHH3auHH,peKanHTaJIH3aliHH H HPHBaTH3UaLHH 6aHKOB 6bIJI rOiH5HT HeKOTOpbIMH 3KcnepTaMH,yTBepxcaaOiuoMH, XITO 6aHKII B CBOeM 60JI6IUHHCTBe HenIiaTex<ecnOcO6HbI H qTOPYKOBOgHTeJIH TaKHx 6aHKOB IBJIAIOTCA nJIeHHHKaMH HpeAripHA1TH1I-aK4HOHepOB 3THX6aHKoB. B AroKia,ge MbI rpEi4epXK4BaeMCA HHOrO MHeHHA: B AaHHbIH MOMeHTripeAcTaBJAeTCS Heileueecoo6pa3HbIM HCnOJIb3OBaTb rocyAapCcBeHHbIe cpeqCTBa HronHrHxiecKHe ycHiiHA AnA ocyugecTBjreHHA CTOJIb MacCOBoro MepOrPHATHA HO TpeMrpHqHHaM:

* 06'BeM BKJIaAOB AOMalIHHX X03AHICTB, nOMeiieHHbIX He BC6eperaTeJbHblf 6aHK, o,IeHb ManI. B TO Ke BpeMA, KPYIHbieHpeAripHATHA AOJDKHbI, B HpHHLHne, HMeTb B03MOXCHOCTb OTcjie)KHBaTbKpe)IHTHYIO rOJIHTHKY 6aHKOB, BKJIaAqIHKaMH KOTOpbIX OHH ABASIOTCA.3TO 3ameqaHHe oco6eHHO CnpaBeAJIHBO B YCJIOBHAX PoccHH, rge KPYHHbIe

npeXnpHATHA, B OCHOBHOM, AepxcaT CBOH CpegCTBa B 6aHKaX,aKUHOHepaMH H 3aeMu9HKaMH KOTOpbMX OHH OxHOBpeMeHHO ABJAIOTCI.

BCjieACTBHe 9TOrO 6aHKOBCKHc CeKTOp MeHee rOIBepXKeH CHCTeMHOMYPHCKy, HO9TOMY He CyigeCTByeT xeTKoro oripaBAaHHS MaCCOBOMYBMeiuaTeJIbCTBy rocyxapcTBa.

* He npeJXocTaBjneTCx OnpasB,aHHbIM Hcnonb3oBaHHe rocy,apCTBeHHbIxCpeACTB XJIA YBseHxieHHA KaHHTana 6aHKOB, 3asABJIsIOHX 0 CBoeH

pH6bIJIbHOCTH, a HMeHHO TaK 3aABjiseT 60JIbhLHHCTBO POCCHACKHX

38

6aHKoB. 9TO YTBepxAeHHe MO)KeT 6bIM BepHbIM, yqHTbIBafCyIgfeCTBYIOIItYIO B HaCTOSrniee BpeMSI HH3KYIO CTOHMOCTb4EHHaHCHpOBaHHI H o0eHb BMICOKYIO HH1jiAumO. Bonee Toro, xaace ecim6BI 60obIHHCTBO 6aHKOB OKa3aJIHCb HenJIaTe)Kecoco6HbIMMH, ExpeKanHTanH3ai 6LiJIa 6bI pHCKOBaHa, IIOCKOJTKY leHTpamHbIA 6aHKHe pacnonaraeT B03MOXCHOCTbIO JIAl 3c4eKTHBHOrO KOHTPOJIS 3a

AeSTe3bHOCTbMO 6aHKOB H He CMO)KeT npeAOTBpaTHTh nOBTOpeHHA TaKoro11OBeAeHHA 6aHKOB, KOTOpOe yxce OgHaxcgbI IpEHBeJIO K HX

HenHaTexcecnoco6HocTH.

* [lpo6neMbI Kpe,HTOBaHHA npeAnpHATH -aKuHOHepOB 6aHKa H "CBOHX"KnHieHTOB cjiegyeT pa3peinHT IIyTeM BBegHeIA HOpMaTHBHbIXorpaHwiqeHHH, a He nocpeAcTBoM KpyHHOMacmTa6HOH oneparwH CMeHMi4OPMbI C06CTBeHHOCTH 6aHKOB. Oco6eHHO, ecliH yieCTb BbICOKYIOBepOATHOCTh Toro, To ripH noribrTKe H3MeHHTh 4(opmy co6CTBeHHOCTH

Mb1I ripoCTo nepeTacyeM Tex xe HrpOKOB, TaK KaK OTCYTCTBYIOT KaKHe-JIH6o anbTepHaTHBHbIe B03MO)KHOCTH OT6opa H rIpHrnaIIIeHHA

npo4pecHoHaAoB-cneLwiai4HcToB riOMHMO HIHeIIIHHX pyKoBoAHTenefl-

BnaAeJIbLeB 6aHKa.

Bce 3TO MOxceT H3MeHHTbCA, H B 6yxyiueM MOxeT B03HHKHYTb Heo6XOAHMOCTm B

11POBeAeHHH nOA pyKOBOACTBOM HpaBHTem6CTBa ImpOKOif peopraHH3aWHH 6aHKOBCKoro

ceKTopa. TeM He MeHee, IIpeAcramAeTCS HeueJIecoo6pa3HbIM ripeAIIpHHHMaTb B HaCToAMeeBpeM3I KaK4e-31H60 KpynHOMaCInTa6HbIe yCHJiSi, 'rTo6bl He C03XaTh B03MO2KHbIX

AOnIonHHTeJHbIX TPYXHOCTef B 6yxyiueM.

4.32 KaiM o6pa3oM npeinaraeMaA cTpaTerHS paCCMaTpHBaeT B03MO)KHOCTb KpH3KCa B

4EHHaHCOBOM cecrope? 06bnqHO KPH3HCbI B 6aHKOBCKOfI CHCTTMe HaCTyIIHOT B riepHOAbI

BbICOKOfI HH433IAIWH HiH cpa3y nocue npoBeAeHHA cTa6HJIH3alWoHHbIx nporpaMM. TaKHaeriepHoIbI HHor1a XapaKTePH3ylOTCA HanHqHeM BbICOKHX ripOueHTHbIX CTaBOK, KOTOpbIeHPHBOAIT K TOMY, WTO 60obuas qacrb npeAxnpH=H ITPOH3BOACTBeHHoro ceKTopaHaqHHaeT HCnbITbIBaTb TPYAIHOCTH C o6CnyXCHBaHHeM Aonra. Pe3Kne cTpYKTYpHMieH3MeHeHH31 MOryT TaKxKe nIpHBeCTH K flpo6JIeMe O6CJIyKHBaHHM Aonra BO mHorHx OTpacuiZx9KOHOMHKH, rIOCKOJIbKy MOxKeT CHH3HThCA YPOBeHb InpH6bInbHOCTH C H3MeHeHHeM

oTHoCHTei3HbIX geH.

4.33 IHpeAnpAsTHA, riepeA KOTOPBIM BCTaEOT TPYXHOCTH 110 06CJIYXHBaHH10 Aojura,xiacTo pearHpyIOT Ha 9TO 1OJIOxceHHe npOCb6oH 0 pej)HHaHCHPOBaHHH OCHOBHOi CYMMbI

Ajonra H npOIpeHTOB, KorAga nOxRXOAHT CPOK noraiiieHHA ynIiaTbI. HHorxa 6aHKH HAyT Ha

9TO, IIOCKOJIIKy 06obIBjieHHe KpeAHTa HenOraTiieHHbIM 03Ha'IaeT 11pH3HaHHe y6bITKOB, 'TO,B CBOIO oqepeAb, MOxKeT OCia6HTb AoBepHe KJIHeHTOB K (3HHaHCOBOMy OIOnoxceHHiO 6aHKammN MO)KeT 3aCTaBHTb 6aHK HapyIuHmTb perynBHbie Tpe6oBaHAS. 3To ABJIeHHe

Ha3bIBaeTCSI BbIHyxcAeHHbIM KpeAHTOBaHHeM H BbIHyxcKeHHbIM 3aHMCTBOBaHHeM. MacluTa61oAo6HOfI npo66IeMbI qacTo B03pacTaeT no mepe Toro, KaK npe,Anp1HTHAS H 6aHKN

CTaHOBITCS BCe B 60oIbmIef4 CTeneHH HenIIaTe)KeCIIOco6HbIMH.

39

4.34 HIpaBHTenbcTBa nepeg JIiHiOM 3HaRITeJIHbIX H3gep)KeK, o6bIWHO He TOPOIATCSABMeIUHBaThCSA B rioxo6HBue KPH3HCHbie cHTyaIHH, OXHaKO, 6aHKH, B KOHUe KOHIJOB,CTaHOBITCSI HeJIHKBHXHbIMH (T.e. HeCHOCo6HLIMH BbIIaITHT CBOHM BKJIagqHKaM MxBKAaJabi), BbIHY)Kza TeM caMbIM ripaBHTeJCTBsa BMeluaTbcs. B 3aBHCHMOCTH OT MacIIIra6agaHHO4 iipo6neMbLi H CTPYKTYP]I KOHKpeTHorO 6aHKOBCKOrO CeKTOpa, npaBHTewrEcTBapa3peEIaiOMT XaHHYO cHTyaugO HyTeM KOM6HHalHH Mep, BKjuOqaIOIao X CTPYKTYPHYIOniepecTpOfKy, peKaIHTanH3a1Hio, JnIKBHgaLWHo, CRHSHHe HJIH npogaxKy 6aHKarIiaTe)KecnOco6HbiM 6aHKaM. 16 AHaiH3 B03MOXCHOCTH H xapaKTepa HoXXo6HOrO KPH3HCaB POCCHI BbIXOAHT 3a paMKH HacTosxero HCCiieOBaH H H IpegCTTaBjeTCSA HeyMecTHbIM,TaK KaK HeBO3MOXCHO npeAcKa3aT KOHKpeTHOe pa3BHTHe KaxXAorO TaKorO KpH3Hca,

oco6eHHo YSHTnIBaq yHHKaJIbHbI yCJIOBHIA POCCHH.

4.35 H3JIOixceHHaM B HaCTOAigeM Hccie,gOBaHHH cTpaTerHs He CTaBHia cBoeh I{emlioripeOOTBpameHHe JIOg6HbIX KPH3HCOB B TeqeHHe 6JIHxafIIIHx riATH ier, HOMaJIOBepOS3THO, IqTo6bI KaKas-J1H60 cTpaTerHA moriia ripeXOTBpaTHTb B03HHKHOBeHHe

KpH34ca. TeM He MeHee, npeTBOpeHHe gIaHHOI cTpaTerHH crioco6cTBoBazo 6bI pa3peIneeHMoTaKHx KPH3HCOB B 6yXyuXeM. EMC MorIiH 6bI CTaTL UAXpOM peOpraHH3agHH H ylperl.JeHHSI

6aHKOBCKOfI CHCTeMblI B cnyqae KpH3Hca. OAHoBpeMeHHo, BMIHOJIHeHHe peKOMeHaiaLXHM,

co,epXcaIXC B HaCTOSAIeM Hcciie,OBaHHH B OTHOIIIeHHH CTpaXOBaHHA BKjiaXOB, MOrjiO

6bI, HaCKOJIbKO 3TO B03MOX(HO, 3ami1HTHTb ceKTop gomaIHero XO3XAfcTBa B cayiaenlOTeHIHanJbHOrO KpH3HCa.

4.36 Pomb IHOCTpaHHbIX 6aHKoB. POCCHf4CKOMy IIpaBHTeJIbCTBY cJiegyeT riOOiIpMTnlPHCYTCTBHe HHOCTpaHHbIX 6aHKOB B POCCH4. UleHTPaJibHbIf 6aHK gOjUKeH pa3pa6OTaTh'qeTKoe PYKOBOXCTBO r10 jiHieH3HPOBaHHiO )HJIHMaOB H oTgeJieHHfu HHOCTpaHHbIX 6aHKOB.

LHocTpaHHrIe 6aHKH, rIo KpaAHef mepe Te H3 HHX, KOTOpLIe HaXOXX51TCA B CTpaHaX-yqaCTHHKaX OpraHH3aLXHH 3KOHOMHqeCKOrO COTpyAHHIeCTBa H Pa3BwrfIx (09CP),AOJDKHbI nOJIyqHT6 OTBeT Ha CBOH 3aABjieHHA o6 OTKPbITHH 43HJIHajiOB HJiH OTgeiieHHf B

POCC4HH B TeqeHHe TpeX MeCAiLeB. CnexyeT TaKxce rIogepXHBaTb COBMeCTHbIeripeAXI1pHTHA1 Hr ipiMbIe HHBeCTHlXHH B gefCTByIOIIHe pOCCHfCKHe 6aHKH, H UeHTpaJbHOMy6aHKy cjiegyeT H3YqIHTb BO3MO)KHOCTb rpoAaKH HHOCTpaHHbIM 6aHKaM 'acTHnpHaHnexamHx emy aKiUHfi 6aHKOB.

4.37 OnbIrr MHOrHX pa3BHBaIOIIXHXCA CTpaH nOKa3bIBaeT, qTO HHOCTpaHHbIe 6aHKH

MOryT CJIYHT6Tb cBoero poAia MOCTOM AXJmIS1 IpHBjieqeHHA HHOCTpaHHOrO KaHlHTaIia. aiaHKHBbICTyn1aIOT KOHCYJbTaHTaMH rOTeHLXHanJbHbIX HHOCTpaHHbIX HHBeCTOPOB H OKa3bIBaIOT

6aHKoBcIHe H ApyrHe 4pHHaHcOBbIe ycjiyrH HHOCTpaHHblIM KOMriaHHAM, C KOTOpblMH OHH

16. B TemeHue nocieAlHero AecsxTueTHA MHorHe cTpaHUi (BKlnO'asA HeKOTOpUIe 3KOHoMHIecKHpa3BHTme CTpaHbI) nepeXKnHJ KpynHhie cpNHaHcoBEIe KpH3HCbI, TO nOCJIY)KHJIO TO1qKOM AJIAS To3sBJIeHHSOrpOMHOrO nOTOKa iHTeparypbl Ha AaHHYIO TeMy. XopoIIHM upMmepoM n,oR6Horo poAa HccneAOBaHHfl,paBHO KaK U yqe6HUMm noco6HeM, MoryT nocnyxcmTb The 1989 World Bank Report H Banking Crises: Casesand Issues, V.Sundarajan and T. Balino, IMF 1991. JaHHxme HCCJieAOBaHHiA TaKKe OnHCblBalOT[npaKTHlqecKHA OnIIT 6opb6Ub C 9THMH KPu3ucaMu H npHBOAT npHMmepEa uarOB, npeAnpHHATbIX ARAnPeOAOReHHS STHX KPH3HCOB npasBTOJeLCTBaMH HeKOTOpUX CTPaH, BKRIOqaM ApreHTlHy, 'IHjim, Kopeio,HCnaHHio H TypEwHo.

40

pa6oTaloT B CBOHX cTpaHax. Cepbe3HOft BbirOOgi OT YJpHCyTCTBHH HHOCTpaHHbMX 6aHKOBmorna 6b craTb nepeAaYa 6aHKOBcKux TexHojiorHfk (Hoy-xay) poccHUIcKNm 6aHKaM.HecMoTps Ha rOTeHixHanbHbIe BbJrOAI, BbiXO, HHocTpaHHbMx 6aHKOB Ha pOCCHNCRKHPbIHOK HaTanyKBaeTCA Ha 6onmmIoe cOnpOTHBjieHHe, H HX ripHCyTCTBHe B PoccHH oqeH]bManO. OCHOBHoe cofipoTHBjneHHe HCXOAHT OT POCCHUCKHX 6aHKoB, KOTOpbIe onacawoTcs,wTo HHocTpaHHwe 6aHKH 3aXBaTAT 6o0mbyo Aomo oqeHE npH6EIIbHMx iocpeAHHqecKNx

oriepailHfi C B&MOTHbIMM BRma,aMH. HecMoTpA Ha orpaHH'eHHoe ripHcyTcTBHeHHocTpaHHEIix 6aHKOB B POCCNN, noAo6Hoe ABJIeHHe yxce HmeeT MeCTO.

4.38 IeHTpanbHbIfi 6aHK MOr 6bI pa3BeATB O3a6o'eHHocTm POCCHNCKHX 6aHKOB, BBeAx

fIOTOJIOK yCTaBHOrO KaIIHTaia HHOCTpaHHOrO 6aHKa H OUpeCeJfHB O6A3aTeJTbHOCTb XOTS 6b

qacTqHOfl KanHTaJIH3awNN oTXeneHHf HHOCTpaHHbIX 6aHKOB. IleHTpajibHbIf 6aHK TaKxce

Mor 6bi nOTpe6oBaTE OT HHOCTpaHHMIX 6aHKOB AepKaTE AocTaToIHyIO qaCTE KanHTaAa Amo6ecneqeHHA BaaiOTHMiX onepaiyHit 6aHKa HuH npeAocraBiqn BamoTHmue KPeXHbI BHYTpHCTpafHi H3 CpeACTB InpHBIeKaeMbIX BmmOTHbIX AelIO3HTOB, KaK 3TO AenaeTcA B ApyrNxCTpaHaX, BK3UOqaAM HeKOTOpLIe CTrpaHbI pa3BHToro PLIHKL

PoIb C6eperaTenbHoro 6aHca

4.39 PoccHNNcKoe npaBHTenJTCTBO HMeeT ABa OCHOBHbIX BapHaHTa ripH onpeAejieHHHPOJIH C6eperaTeumHoro 6aHKa Ha 6nHxaAmhue TpH-riST6 neT. B COOTBeTCTBH4 C nepB6IMBapHaHTOM, C6eperaTeuIbHoMy 6aHKy npeARocrawnsieTc B03MO)KHOCTb KpeRrHTOBaTh

npeAnpHuAsT, noAo6Ho mo6oMy ApyroMy 6aHKy, 3a TeM HcKiiOqeHHeM, 'TO O6A3aTejTiCrBaC6eperaTeJnHoro 6aHKa 6y,WT rapaTmpoBaTbcro rOcyzApCTBoM. HpeAocTaBneHHe KpeARTOBC6eperaTeumHimM 6aHKoM ycHiuHo 6bI KOHKypeHWHIO Ha pbIHKe KpeAHTOB, OAHaKO BLI3BajiO6bI AoriojiHHTejbHHbi PHCK AiHA rapaHTHpyeMbix rOCyAapCTBOM BKna,OB AROMauiHHXX03SANCTB. IlpH BbI6ope AaHHOro BapHaHTa LjeHTpaiEHmi6 6aHK AOjDKeH 6yAeT HanpaBHTh6oumuxyio qacTm CBOHX yCHvHN no HaA3Opy Ha xAesreumHocTb C6eperaTeumHoro 6aHKa,npmHHMaA Bo BHNMaHHe o6feM oriepatHiy 6aHKa H TO, 'To C6eperaTeummIft 6aHK cTan 6m

eNHHCTBeHHbIM 6aHKoM, rAe CyHleCTByeT PHCK rIO BKjia,aM AOOMaIIIHHX Xo3AICTB.

UeHTpaJHOMy 6aHKy TaKxce CJiegyeT H3y'ITh B03MOKHOCTE pa3yKpynHeHHAC6eperaTeumHoro 6aHxa, qTO CrIOC06CTBOBanO 6U IlOBLIIfieHHiO 93"eKTHBHOCTHynpaBuieHNs 9THM 6aHKOM. 9Ta mepa MOxceT 6bITb ocytecTBieHa co'eTaHHeM pa3AeneHHs6aHKa Ha HeCKOJIbKO camocTosTeJmHbix 6aHKOB HflH IHJ¶HaJIoB H ripOAaxcH OTTAeJIeHHf,paCriojio)KeHHbIX B KpymIHLIX ropoAax, 6aHKaM meyHapoAHbix cTaHAaPTOB (EMC).

4.40 B cooTBeTcTBHH co BTOPbIM BapHaHTOM, C6eperaTem6HEIai 6aHK cocpeAOqNwTCAHa IIpHBJIe'eHHH BKJIaAOB AOMauHUX X03XINCTB, BLMOJIHAIS pOJIb, CXOXCyIO C pOMIOCyLIeCTBybOuLHx BO MHOrHX CTpaHaX IIOqTOBLIX 6aHKoB. B AraHHOM BapHaHTeC6eperaTenLHOMy 6aHKy 6wbIo 6M 3anipeI1eHO npeAOCTaB 36KpeTHnI npeInpH5rrHM,H OH 6EIm 6b OrpaHH'IeH B pa3mepe ccyA, npeAocTaAemIe x gOMamHHM X03ANfcTBaM, H

o6¶beMax KpegHTOB, npeAnaraeM]ix Ha MexC6aHKOBCKOM pbIHKe. HaripHmep,C6eperaTeumHOMy 6aHKy MO)CHO 6bIJx0 6bI pa3peIlUTbT npeAocTaBen KxpeAHThI HaMex(6aHKOBCKOM pLIHKe B o6'beMe, He npeBEbiiaioIEIem 10 IipOpeHTOB OT BKTaAOB, a ripHKpe,HTOBBHHH HaCeCeHHS -- go 15 npOtXeHTOB, HO He 6ouiee 5 MHNTJOHOB py6neft

41

KaX(AOMY 3aeMUIlHKy, T.e. B npegenIax THrOBOrO KpeXWTa Ha roKyHKy aBToMo6HJIA.HHoTeqHoe KpeHTOBaHHe TaKxKe MoxKeT 6bITL paCCMOTpeHO KaK OAHH H3 B03MOCKHIXBapHaHTOB Kpe,HTOBaHS goOMaXHHx X03SI4CTB. Ha HaiaJMHOM sTane TaKaA 4)opMaKpegHTOB AOJDKHa 6BIT pa3pemueHa TOJT6KO B He6oJIbIuoM 06obeMe OT o6U[Xero HopT4eRAKpeHTOB, HOCKOJIBKyn epeg C6eperaTenbHBM6 6aHKOM CTOHT 3agawa Ho pa3BHTHIO HaBMIKOBo4)OpMJIeHHS BBI6gaqH H o6cJyIXBaHnsI Kpe,HTOB. OcTaJIBHbIe BKJia,bI MorIH 6BI 6BimHCIIOJIb3OBaHLI ANA nOKYrKH He o6pauaioUXHxcsA Ha PBIHKe rOcyXapCTBeHHbIx ueHHbix6yMar c nepeMeHHoi npOLeHTHOI CTaBKOfl Ha HeCKOJTbKO nYHKTOB HHJKe yqeTHOI CTaBKHUeHTpaJmHoro 6aHKa, BHIinymeHHIX CHeiHaNjbHO AJIA 9TO1f UeJIH.

4.41 B cJIytae BbI6opa xaHHoro BapHaHTa C6eperaTeJIbHbI6i 6aHKc o6ecnemJI 616 BceMAoMaiHHM XO3sIHCTBaM B POCCHH B03MOXHOCTB HaAe)KHoro HOMeiIeHHA c6epexeHmf,AocTyna K paCqeTHON CHCTeMe H IBAJISCS 6bI HCTOtHHKOM KpemHTOB. C6eperaTeJmHbINk6aHK TaKxKe npoAonDKa 6bI BbICTyHrTa B KaqeCTBe mHcTpyMeHTa nojiHTmc UeHTpaAbHoro6aHKa npH onpegeneHI- 6a3oBof npOUeHTHOH CTaBKH. TaKOu BapHaHT npeXCTaBJAeTCArpeXUoqTHTeIbHbIM, HO KpaHeHI Mepe, Xo Tex nop, HOKa He HIOABHTCSA AOCTaTOqHOeKOJIHNeCTBO KOMmepqecKmx 6aHKOB, cnoco6HbIX BbInoONHITh 9TH 4)yHKIXHH, H AO Tex nop,noKa UeHTpajibHLI6i 6aHK He 6yAeT cnoco6eH oCyIeCTBRAT]6 9c2eKTHBHLIf HaA30p 3aAesTeJIbHOCTIO TaKorO KpynHOrO 6aHKa. )I1IA BbIOJIHeHHA yKa3aHHbIX yCJIOBHfI

HOTpe6yeTCAl HeCKOJThKO nIeT.

PeopraRH3auls AesTejTbHOCTH npoMcTpof6aHKa

4.42 rIepexo, K pbIHOqHOfi 3KOHOMHKe ynpa3HHfl OCHOBHbIe 4 NyHKWHrlpoMcTpof6aHKa. C yqeTOM BHyTpeHHefI WHHaMHKH 6aHKa MO)KHO npeHojIOxcHmT6, qToIIpOMCTpof6aHK Mor 6bi cTaTm riperLATCTBHeM npH npOBeAeHHH npOrpaMMbI pe4)OpM. romepe OTKa3a OT rOCyxapCTBeHHorO KpeAHTOBaHHA, o6seM oHepagidHl IpOMcTpOf6aHKape3KO COKpaTHTCS. BbIcoKaA XOJiS KxpeAHTOB, nO KOTOpbIM He nOCTyHaTOT niIaTexuHnpOgeHTHbIX CTaBOK, H npo,onxaioWaACA TeHAeHI,H o6oco6neHHu OTXejieHHfirlpoMcTpofi6aHKa TaKwe oKaeKeT BJIHAHHe Ha coKpaugeHHe o6fteMa onepaIHfi 6aHKa.

4.43 UeHTpaAlbHbi 6aHK H npaBHTeJH)CTBO AOJDKHbI paccmoTpeTm BO3MO)KHOCTbaKTHBHOA nIUoeP)KKH nOCTeneHHOrO H opraHH3OBaHHorO pa3yKpyHIHeHHMflpOMCTpoN6aHKa, HCnOJIb3y)l cJIeARyiowe MepbI:

npaBHTenbCTBO H UeHTpaJbHbIif 6aHK AOJDKHMI HOTpe6oBaTm OTnpoMcTpof6aHKa HpOpoaTb CBOH aKIHH B 12 perHOHan]HbIX 4HnHaanax6aHKa, B KOTOpbIX 6aHK BnageeT KOHTpOJThHbIM HaKeTOM. BioJIHeB03MOXCHO, qTO HeKOTOpbme H3 9THX 1)HjiHajiOB npeBpaTITCA BcjieA 3aApyrHMH 6bBIIHMH OTTRejieHHAMH rlpOMCTpOf6aHKa B OTHOCHTejTbHOAIHHaMHtqHbIe 6aHKIH.

OT rIpOMCTpOf46aHKa TaKxce MO)KHO HOTpe6OBaTb paCCTaTbcA CO BCeMHaKTHBaMH (BKJIIOqaA HeABHwK4MOCTb), He BXOXRIWHMH B cdpepy eroOCHOBHON4 gesTenbHOCTH. BbIpy'Ka, rOjiyqeHHaS OT 3THX npOAaJK, He

42

AoJHa HCrIO3h3OBaThbCA Ha nrpeAocTaBjieHHe HOBBIX KpeAHTOB, a AoJDKHa6bITb HarIpaBjieHa Ha riOKpbITHe AOjIrOB flpoMcTpoA6aHKa IInpaBHTeCTBYH IjeHTpam6HoMy 6aHKy Hnx ,ReIIOHHpOBaHa B KaKoM-31H60 ApyrOM

4,HHaHCOBOM yqpexceHHH KaK rapaHTmI 9THX AonroB.

* UeHTpajbHbIli 6aHm AOJxeH 3aripeTHT flpoMcTpOA6aHKy 3aeMibIe

onepa1HH Ha Mex6aHKoBCKOM pbIHKe, wTo6ii H36exKaTh KocBeHHoro(PHHaHCHPOBaHHA PHCKOBaHHMiX KpeATOB IIpOMCTpOi6aHKa H3 CPeACTBBKJIaAOB AOMaUHHX X03AfICTB.

.4.44 BO3MO)KHO, wTO nocnie npOBexAeHHsI pa3yKpyuHeHH rIpoMcTpofi6aHK cMo)KeT

iBHOBb CTaTm OTHOCHTenJHO )HHaMHqHOH 43HHaHCOBOfk CTpyKTypOf4. EcJIH We STorO He

nPpoH3otAeT, npeAnaraemsie MepbI o6ecneqaT nocTeneHHoe coKpameHHe oriepaWdl

AaHHoro 6AHKa, He BLI3LIBaS 3HaqHTeJIBHbIX He6JIaroIpHITHbIX HapymeHHH BO BCeII

6aHKOBCKOA cHCTeMbI.

43

5. PA3BHThE bHHAHCOBOR HH4PACTPYKTYPbI

5.1 B HacTosAulei rniaBe paccMaTpHBaIOTCS HaH6onee BaxKHbIe pe4)opMbI cDHHaHCOBOf4iaHHppacTpyKTypbI POCCH1H, Heo6xogHMbIe xIA Toro qTO6bI noxAepX(aTh pa3BHTHe npoqHofhH 934X4eKTHBHOf1 pbIHOqHOfi 4¢IHaHCOBOfl cHcTeMbI. DHHaHCOBaA HH4paCTpyKTypaBKJIIO,aeT B ce6s IIpaBOBbIe OCHOBbI, peryjJHPOBaHHe H yqeT, rocygapCTBeHHbIe HHCTHTyTbI,npogeCCcI H CHCTeMbI, B KOTOPbIX geHCTBYIOT (DHHaHCOBLIe yqpexKgeHHA. B gaHHofi rnaBepaCCMaTpHBalOTCA1 cie,gyioiiHe acneKTbI 4(HHaHCOBOH HH(bpaCTPYKTYPbI POCCHH: flpaBOBbIeOCHOBU6, pm3BHTHe 6yXra=TepCKorO yqeTa H aygHTa, o6ecneqeHHe 6aHKOBCKoroperyIHpoBaHHA H Ha,3opa 3a AeSTeJIbHOCTbIO 6aHKOB, nOArOTOBKa 6aHKOBCKHX KagpOB,

17pedpopMa ininaTeXKHOA CHCTeMLT H BBegelHHe CHcTeMbI CTpaXOBBaHHA enO3HTOB

TpaBoBbie OCHOBbI

5.2 rIpaBOBbIe OCHOBbI cyigeCTBOBaBIneH paHee 1ieHTpajiH3OBaHHOH nnjaHOBOA3KOHOMHKH HCXOXHJIH, B OCHOBHOM, H3 agMHHHCTpaTHBHbIx, a He AoroBOPHLIX OTHOUleHHI4H 3HaqHTenJbHO orpaHH1HBaJIH npaBo HMeTb qaCTHyIO C06CTBeHHOCTH H npaBopacnopAxaTbcs ejo. EaHKOBCKaS H (DHHaHCOBaq CHCTeMa paccMaTPHBsaRaCb KaKHeoTbeM3ieMaS IaCTb rIIaHOBO1l 9KOHOMHKH H eCfCTBOBmaa IIOqTH xeJIHKOM Ha OCHOBeHeny6jiHKyeMbIx 3aKOHoAaTeTJIbHbIx aKTOB. HlOHSATHA pbIHOxHOHl 9KOHOMHKH 0 cBo6oxe3aKJiio0eHHA KOHTpaKTa H o6MenpHHsTbIx nP1HHuHnax ripaBoBoro rocyxapcTBa 31H60 6bIJIHHeH3BecTHbI, jH6o OTBepraJInHcb.

5.3 3a nocjiexAHHe nojiTopa roxga nojioxKeHHe Haqanio MeHAThcA. BbInH cgenaHbiCepbe3HbIe rIOIrKH rIpOBeCTH B )KH3Hb 3aKoHbI, KoTopmIe (a) CpaBHHTeJThHO SCHbI HHcnojiHHMEI; (6) coAep.KaT OCHOBHbIe noioxKeHHJ AorOBOpHoro npaBa Ha 4pOHe(cyugeCTBOBaHnA) iTpaB CO6CTBeHHOCTH, BKjiOoqaSq HHTe3iJieKTyaJILHyIO C06CTBeHHOCTb, H3aKOHOB, peryniHpyioL=ax ApyrHe 06x3aHHoCTH; (B) onpegeJIAIOT HOPAXOK paCCMOTpeHHSHapymIeHHl B3aHMooTHoInIeHHfl C TeM, qTo6bi npaBa BOCCTaHaBJIHBaJIHCbHe3aMeARHTejibHo, 6e3 H3JIHIIIHHX 3aTpaT H 6e3 ipHMeHeHHA nojiHTHieCKoro H HHoroAaBJneHHAI, a TaKxe ANA Toro, oTO6bI cxo)KHe MeCKAy Co6of Agejia paccMaTpHBanHcboxHHaKoBo; (r) npH3Ha1OT 3aKOHW gpyrHx rOCyXapCTB H B To )KeBpeMIcoAepxcaTnpaBHjiapa3pemeieHH KOHc3JIHKTOB, cBA3aHHbIX C rpOTHBOpeqHSIMH B 3aKOHoAaTejTbCTBax.

5.4 B peKOPAHO KOPOTKHeCPOKH3aKOHOAaTeJIbHbIMHaKTaMH BePXOBHbIM COBeTOMH npe3HAeHTCKHMH yKa3aMH 6bIn npHHAT pXA 3aKOHOB: "3aKOH O 6aHKpOTCTBe" (geficTByeTc 1 MapTa 1992 roxa), "3aKoH 0 BajiTOTHOM peryJIHpOBaHH4" (c 4 HOA6pA 1992 r),CyD.eCTBeHHbIe riOripaBKH B TPYXOBOM KogeKce (25 ceHTM6pM 1992 r.), a TaKKe 6onibloeKOJIHtqeCTBO yKa3OB H iIOCTaHOBjieHHfI nO pa3JIHqHbIM acTeKTaM, KaCa1OIHIHMCA

17. HaH6onee BaxKHbIM 3JIeMeHToM 4rnHaHCOB091 HH4paCTPyKTyPbI SBjiAeTCA L]eHTpambhbiA 6aHK,C KBaaJIH4luIpOBaHHbIM nePCOHaJIOM H CpeACTBaMH, IIO3BOJIA1oU£MmH eMy 4)OpMyjiHpOBaTb C)HHaHCOByIO HperylixpyioUiy HOjINTHKy. OAHaKO 3TOT BOllPOC He paCCMaTPHBaeTCI B HaCTOXAgeM AOKjiaAe. EMY yejIZCeTCABHMmaHHe B AoKxcaje "PoccHAcKax <DeAepawuX: yKpeniIieIHe H aHlaHJ3 MOHeTapHbIX onepaiwA ILeHTpaJIHOrO6amnca. MB4, oipi6pb 1992 r.

44

rpHBaTH3aIIHH, HHTenJIJeKTyambHOI Co6CTBeHHOCTH, TpaCTOB, 3anoroBoro o6ecneqeHHA,

aKiwoHePHbIX o6ieCTB, pa3JIHqHoro poga ToBapHiecTB, peryj1HpoBaHHA PbIHKa IXeHHbIx

6yMar, BOIIpOCOB He(¢TMHOH H ra3OBOH rpoMbITiJIeHHOCTH, 6yxranrepcKoro yqeTa,

KOHCTHTy1HOHHOI pe4OpMbI, HHOCTpaHHbIX HHBeCTH>Hi H 3eMeJhHOft pe4opMbi. no mepepa3BHTHS pbIHOqHOfI 9KOHOMHKIH MHOme H3 9THX 3aKOHOAaTenJbHbIX aKTOB noTpe6yIOTKOppeKTHpoBKH. ARA ocyUeCTBneHHM o6UHX npHHUHIOB, 3aJIO)KeHHbIX B pa3JIH4HUIX

3aKOHOgaTenjbHbIX aKTax, nOTpe6YIOTcs TaKxKe AonoJIHHTeJbHMie pernameHTHpyioii e

HOpMbI H npoiAeAypbI. rIOHago66HTCq C03gafHHl BTOpOrO IIOKOJIeHH 3aKOHOAaTeJIbHbIX

aKToB, BKJIIO'qaS npHHATHe Mmep no ciiegyioloHM BOnpocaM:

HenjiaTeicecnoco6HOCTb. 3aKOH B 3TOii o6JIaCTH y)Kxe cyieCTByeT, HO AR

ero sqc1beKTHBHoro 4)yHK9HoHHPOBaHKs Heo6xogiHMo npIHHST iLenbifk

PAA nO)A3aKOHHbIx aKTOB. B 'acTHocTH, Heo6xoAHMa pa3pa6oTKa

nonO)KeHHH OTHOCHTenJbHO KPHTepHeB I1pH3HaHHIA rOCygapCTBeHHMIX

npeAnpAxT1HTH HerJIaTexcecnOCo6HbIMH, pa3XjefleHHS OTBeTCTBeHHOCTH,

4HHaHCOBbIX y6bITKOB rOCygapCTBeHHbIX 4HppM, B3BeLueHHOrO

peryjiHpOBaHHs, HanpasneHHoro Ha o3,OPOBeHHS HenJiaTexKecnocO6HbIx

npe,gnpHwTH, H KpTepHHeB 6aHKPOTCTBa.

3anoroBoe o6ecneqeHHe. CyIImeCTByIoIlHfI 3aKOH O 3aaiorax

MajiOc12eKTHBeH, nOCKOJIbKy B HeM OTCYTCTBYIOT qeTKHe noIro)KeHHA oIIpHOPHTeTHOCTH KpeAlHTOpOB. KpoMe TOrO, OH He npeXyCMaTpHBaeTgeHTpann30saHHoro MexaHH3Ma perHCTpaiAHH 3anorOB a TaK)Ke npaBHJI

B3bICKaHKS 3anora.

* 3aKOHbI O Co6CTBeHHOCTH. OnpegaeneHHe npaBa C06CTBeHHOCTH Ha

TOBapbI H HeMaTepHaJIbHbIe UeHHOCTH B iLejiOM yXOBfleTBOpHTejIbHO, HO

HeO6XOXU4MO BHeCTH yTO'IHeHHe B 3aKOHOgaTeJIbCTBO 0 BjiageHHH 3eMjiefi.

Be3 3HaqHTeJIbHbIX H3MeHeHHft B 9TOH o6naCTH 3aKOH 0 3aJIOrOBOM

o6ecneqeHHH He MoKceT 6bITb ac141eKTHBHbIM, a 9TO nperI1MTCTByeTnp4BjieteHHIO HHOCTpaHHbIX 14HBecTHL]Hf.

* 3aKOH o nipeHinSHTHI4X. PaCCMaTpHBaeTCq HOBbIU 3aKOH o6 aKyHOHepHbIX

o6uieCTBax. OH XOJIKeH peLIHTb TaKHe BOIIPOCbI, KaK CO3AaHHe

KOMMep,eCKHX npegrnpHsTHHt, onpegeiieHHe cTaTyca orpaHHFeHHOH

OTBeTCTBeHHOCTH, rpOUpeAyPbI BXOKgeHHA Ha PbIHOK H BbIXOXa C pbIHKa,

CeHe)KHbie 3aMMbl, rIOKyrKa B paCCpOrKY H apeHAa.

3aKOH 0 pacqeTax H CHCTeMax pacqeTa. CpO'qHO Heo6xogHMa pecjopMa

C LtenbIO YCOBepuIfeHCTBOBaHHA CHCTeMblI pacqeTOB, rIOBbIUIIeHHA

6e3OnaCHoCTH H HCHIOJIb3OBaHHA HOBOfI TeXHOJIOrHH. npHOpHTeTHOM

3agavefi 3geCb BJIASeTCS pa3pa6OTKa KOHiLeriLHH KOMMYHHKagHfi H

OpraHH3aUHOHHOfl CTpyKTypbI. COBepiUeHCTBOBaHRe TexHoJIorH HMmeeT

npAMOe OTHOuieHHe K 3aKOHY 0 9OKa3aTeJTbCTBeHHOM ripaBe, KOHTPaKTaX

H ArPyrHx npaBax co6CTBeHHocTH. HOBaS TexHojiorHq nOTpe6yeT TaKxce

45

HPOBegReHHA ApyrHx Mep, HanpHMep, perJiaMeHTHpoBaHsA 3JIeKTpOHHOuCHCTeMbI riepeBOOB geHeXHblIX cpeXCTB.

3aKOHogaTeImCTBO 0 ueHHbIX 6vmarax. Heo6xoAHMa pa3pa6oTKaiioJIo)KeHHH, peryJIHpyIOUWX pbIHOK BbIiiyCKa H onepagHfZ c i4eHHbIMH6yMaraMH, BKJIIOqaq yripaBJIeHHe HHBeCTHLIHOHHbIMH oriepaunmm. TaKoe3aKOHOgaTeJIbCTBO yxce HaXOXAHTCS B CTa,XHH pa3pa6oTKH. OHO XROXKHOo6ecneqHT]6 nPaBOBYIO OCHOBY AJSI Co3)aHHS ynpaBJreHHA no TOproBJeieHHbIMH 6yMaraMH, cIOHXOBbIX 6HPiK, (pIHpM, CHeIIHaJ1H3HPYIOIIHXCA HaonepausAx C LieHHbIMH 6yMaraMH, HHBeCTHIHOHHbIX 4)OH,OB,COBMeCTHbIX 4)OHROB H gpyrHx (1HHaHCOBbIX yqpexKgeHHH.

* OHROBbIe 6HPH. flporpamma npHBaTH3anH 3HatHTeNjbHO fpOXBxHeTCABriepe;j, ecJii 6yXgeT YCOBepIeHCTBOBaHa CHCTeMa TOprOBjiH leHHbIMH6yMaraMH. IlpoeKT 3aKOHa rio CO3XaHHIO H peryn pOBaHX41 AeATeJIbHOCTHq)OHXOBbIX 6Hpx yxe CyigeCTByeT, HO 3aKOH r1OKa He nPHHST.

* CTpaXOBaHHe. 3aKOHOgaTejmbHas 6a3a B o6JIaCTH CTpaXOBaHHS1 nOjrHOCThIOOTCyTCTByeT. Heo6xoxgHMo Co3gaaHHe peryJn4pypoiero opraHa Hpa3pa6OTKa COOTBeTCTBy1OIIHX flOA3aKOHHbIX aKTOB HO CO3AaHmOqaCTHbIX CTpaXOBbIX 4HPM, "6JIaropa3yMHOMy" (npygeHga.]bHOMy)peryjTHpOBaHHIO, yx1aCTHIO HHOCTpaHHLIX CTpaXOBLIX KOMnaHHf HnepeCTpOfIKa CHCTeMbI COIHzambHoro o6ecneqeHHA.

5.5 COBepIIIeHCTBOBaHHe B BbIiueyKa3aHHbIX o6nIacTAx nOMOxceT C03gaTb lLHpOKylO3aKOHOgaTeJIbHY1O 6a3y AJx pa3BHTHA pbIHOqHOH 6aHKOBCKOf CHcTeMbI. Heo6xoxmmiTaKxCe 6onee KOHKpeTHbIe nOJIO)KeHHA B o6JIaCTH 6aHKOBCKOrO H 4)HHaHCOBOrO HpaBa.rpeACTOHT pelUHTh P31) CTPYKTYPHbIX BOIlPOCOB, B 1aCTHOCTH, BOrIpOC O po0H HnOjmHOMoqHAX IleHTpaJThHOrO 6aHKa H ero B3aHMOOTHoIIeHHxx c rapJIaMeHToM,MHHHcTepCTBOM dFHHaHCOB H ,gpyrHMH OTpaCJIeBbIMH MHHHCTepCTBaMH H TaKHM o6pa3oMOnpegeZJHTb HX MeCTO H O6A3aHHOCTH B CHCTeMe Hag3opa 3a 6aHKOBCKOH gesrTejTbHOCTbIo,o6mme HanpasB3eHHA B pa3BHTHH 6aHKOBCKOH CHCTeMbI H, B qaCTHOCTH, onpegeneHHHxaparrepa H MaCIUTa6OB nOflHOMOqHfI H o6A3aHHocTef 6aHKOB.

5.6 HeonpeReeneHHocT6 3agaq 43HHaHCOBOf cHcTeMbI, ee CTPYKTYpMI H HegocraTo HoeIlOHHMaHHe OCHOBHbIX KaTeropHfH, TaKHX KaK KpeJHTHbIf pHCK, 3aiorOBoe o6eCfleqeHHe,

lIHKBHAHOCT6, 4(HHaHCOBaS XgHciUHriIHHa H 6aHKpOTCTBO qpe3BMtqaHHO 3aTpYAHAIOTC03XRaHHe ageKBaTHOf npaBOBOH 6a3bI ,gnJxI HHaHCOBOH HHCDpaCTpyKTypbI. OTCYTCTBHeMexaHH3MOB, o6ecneqHBa1oiaHx Co6mIogeHHe 3aKOHogaTeJIbCTBa, TaKX(e TOPM03HTpa3BHTHe HOBbIX KoMMepxeCKHX OTHOI1IeHHfI H rio0IHoieHHO 4YHKUH0HHPyio0Uefi6aHmKOBCKOf CHCTeMbI. Heo6xogHMbI MexaHH3Mbl, o6nerqaioigHe npH3HaHHe H HCnOJIHeHHecyAe6HLIx pemeHHRf, TLeHTpanbHbIH opraH no perHcTpaiHH 3aJIoroB, a TaKxKe yqpexKAeHHAno iopHxIeC HCrIOJIHeHHIO 3ajioroB, c60py HajorOB H BbInoJIHeHHIO gpyrHx noAo6HbIx4yiHKuH. Heo6xoxHMo TaK)Ce CO3,AaHHe yqpeK;XeHHAs no npegoCTaBJIeHHIO KOHKpeTHLix

46

6aHKoBcKHx ycjiyr, HaripHMep, aHaJI3a cTaTHcTHIecKHx rioKa3aTeJieH AeMTeJMHoCTH

ripeAipH4ATHf, CHCTeMbi XpaHeHSA AROKyMeHTaIJH rnpeIpH=slH, yqeTa HeiTorameHHbix

qeKOB, OgHOpa30BbIX iiIiaTexceH, ounH6oK B nIIaTexax, a TaycKe yTepSHHbIx HJH

rIOxHuleHHBIX qeKOB.

ByxraJITepcKnil yMeT H ayAHTopcicas npoBepica

5.7 BaHKH H ApyrHe (pHHaHCOBbie y"pexAeHH B POCCHH B HaCTo=ee BpemA

gefCTByI0T B YCJIOBHXX OTcyTCTBHs HagnexaLgeR CHCTeMLI 6yxranTepcKoro yteTa H ayAi4a

H HHCTPyMeHTOB 344eKTHBHOrO H ueJlecoo6pa3Horo ynpaBjieHHA. CHCTeMa

6yxrajTepCKoro yteTa B POCCHH HCTOpHgeCKH 6LijIa OpHeHTHpOBaHa Ha o6ecneReHHe

IleHTPaJIH3OBaHHOrO KOHTPOJIS CO CTOpOHLI rocygapCTBa 3a HCIIOJTh3OBaHHeM peCypCoB

npeAnpHATrii. ByxranTepcKHe KagpBI B OCHOBHOM 3aHHManIHCB CqeTOBOACTBOM, cjierio

co6JnowaH MHoroqHcjieHHBIe HHCTPyKMHH H yXenSI Manjo BHHMaHHS npHHWnaM

6yxrajiTepcKoro yieTa. ByxranTepcKi4fi yteT Ha YPOBHe npenpHsrrHs H 6aHKa Manjo

OTjIHaJICSA OT ytIeTa, OCyiueCTBjiSeMOrO B rOCygapCTBeHHbIX BegoMCTBax, H npeACTraBJ

c060A Ha6op LieneBbIx q)OHAOB. 3KOHOMHYeCKaS H303SIgH POCCHH no cyn4ecTBy o3Haqana

OTCYTCTBHe HeO6XO9JHMOCTH 3aHHMaTBCSA fpo6JIeMaMH, CBI3aHHE IMH C HHOCTpaHHofi

BaJioTOfi. rIOCKOJITKY HH4fRAUM CtHTaJiacb HeCyaxeCTBy1OLgefi, ee yqeT 6bIn1 HeHyX(HbIM.

He 6hmlo qeTKO HaIiaJKeHHOH CHCTeMi6I nPOBepKH cqeTOB 6aHKOB H nPpe,rnpHATHH. BMecTo

3TOrO ripeACTaBHTeJIH HaJIOrOBOf CJIy)K6bI IIpOBOXHJIH HHCIIeKLHOHHbIe peBH3HH OAHH pa3

B gBa roAga, KOHTpOJIHpYA JIHIfIb Co63loAeHHe npaBHJI H HHCTpyKtHM.

5.8 HeAocTaTKH CyigeCTByionef1 CHCTeMLI 6aHKOBcKoro yqeTa, y3KOe nIOHHMaHHe

CYTH 4)HHaHCOBLIX OTqeTOB, IIpHMHTHBHbIe MeTOIbI 6yxraJiTepCKoro yYeTa, OTCyTCTBHe

COOTBeTCTBYOI1efl CCTrMemI OTqeTHOCTH H KOHTPOJA nipeACTraB3SOT 3HaqHTeJImHyio

OnaCHOCTb ARAX 43HHaHCOBOl CHCTeMmI. OCHOBHmIe HeAOCTaTKH cyMeCTByioIIef CHCTeMEI

CBX3aHbI C TeM, YTO c1l4HaHCOBbIe oTYeTbI He AaEOT BKjiaAqHKaM, aKgHOHePaM TPeTbHM

nm4iaM TORHOR KapTHHLI Ae1iTeJIbHOCTH 6aHKa, ero rIiaTe)Kecnoco6HocTH, UpH6bITMHoCTM

H JIHKBHXHOCTH H He MOryT CJIY)KHTh HaAeKXHbIM 9OKa3aTej3bCTBOM COOTBeTCTBHA 6aHKOB

KPHTepHAM 6naropa3yMHoro Be,reHHM Aen.

5.9 rlPaBHTeJTbCTBO ripH3Ha3iO Ba)KHOCTb COBepUIeHCTBOBaHHS CHCTeMMI

6yxraJITepcKoro yYeTa H ayAHTa AxII HHOCTpaHHMIX H HaIMIOHaji6HIX (MeCTHmix)

HHBeCTOPOB, KpeXHTHbIX yqpe)KXeHHfi, rOCyAapCTBeHHbIX BeAOMCTB H BCefl BHyTpeHHeIk

4jHHaHCOBOH CHCTeMbI. IlepBbIM iiarom B HanpaBneHHH pe43OpMbI 6yxraJTepcKoro yqeTa

6binio nplHTHe B geKa6pe 1991 r. HOBOrO rIojIO)KceHHA 0 npHHHnaX H CHCTeMaX

6yxraJiTepCKoro yqeTa, COOTBeTCTByiOlTTerO riiaHy CqeTOB. BBe,AeHHe HOBOfi CHCTeMbI

6yxranTePCKoro yqeTa B 6aHKax OCYlueCTBJLeTCA B qeTbIpe 9Taria:

CyUeCTBYIOUlaA CHCTeMa IIPHBOXITCA B COOTBeTCTBHe C Meex1yHapo,iHof

IIpaKTHKOf4 C TOYKH 3peHHI o6i1Hx pIHHUHrioB H oTpax(eHHA.

47

* Pa3ocnaH6I HHCTpyKItHH, paTxcHmioawe nepBoHaqaimHLie niarH c tenfb1oIIpHBe,geHHA 4)HHaHCOBBIX OTqeTOB B COOTBeTCTBHe C HOBbIMH HOpMaMHK 31 eieKa6ps 1992.

* Pa3pa6oTaH rpOeKT HOBOro nIIaHa CqeTOB H n1OgrOTOBneHMI ro[po6iHmIemeTOxH,>ecKHe yKa3aHsA, KOTOpEbIe nO3BOJRIT BBeCTH HOBOe Ino)oeHHeB CHJIY He nlO3,gHee 1 AHBapA 1994 r.

* B TeqeHHe nocneiyiuoHx xByx--Tpex neT 6yAeT InpoBegeHa KopeHHaApe4popMa cHCTeMbI 6yxrajrTepcKoro yqeTa. 3aTparHuBa1OI1Was BOnPOCL4)HHaHCOBOH oTqeTHoCTH, HpaBOBOH oTqeTHoCTH H CTaTHCTHqeCKoHoTqeTHOCTH.

5.10 Jii ocyIIecTBJIeHHA 9THX CHcTeMHbIX H3MeHeHHA InpaBHTenEcrTBO AOJDKHOIIoXrOTOBHnT HOBLM 3aKoH o 6yxraJiTepcKoM yqeTe, cogepxcanui o6tge npmuumi6yxranTepcKoro y'eTa H ayxgwra, BKRnoqas noHATHA "06IIIentHArTx nHIIp HTIOB6vxranTepcKoro vqeTa" H "o6ienDHHAT]hIX HODM aVLIHTODCKON1 nDOBeDKH", KOTOpbIeCOOTBeTCTBOBaJIH 6bI MHPOBbIM cTaH,gapTaM. 3To o3HaqaeT, qTO cqeTa 6yxWT oTpaxaTmHCTHHHYIO H CrpaBegJTHBYIO oixeHKy CTOHMOCTH 6anaHCOBMIx aKTHBOB H OTBeqaTmMexg)yHapOgUHbIM Tpe6oBaHHAM noC3iegOBaTe3bHOCTH, OCTOpOKHOCTH (B3BeMeHHocM) HnhIaTe)Kecnoco6HoCTM. rIpegnonaraeMbIx 3aKOH 6yxeT TaKxce HaIeJieH Ha TO, qTo6ibr

* CO3AaTm CHbHbIHe peryxBHEIe H KOHCyjThTaTHBHMIe opraHH3aIjH.

* CO3AaTb COOTBeTCTByI0iNHe HHCTHTY1HOHajibHbIe opraHbI, BK3UOEqaAPOCCHNCKHi COBeT no 6yxraJITepcKHM CTaHAapTaM, oTBeqaEoiulHt 3a

JInaHHPOBaHHe H ocyulecTB3ieHHe npeo6pa3OBaHHH, H nepHogHieciKunepeCMaTpHBaTab CTpyKTypy 9THX opraHoB B CooTBeTCTBHH CMeH3IIOTIMHCSA YCJIOBHIMH.

5.11 rlpo4eccAs ayAHTopa B PoccHH geenaeT nepBmIe inar1 B CBoeM pa3BHTHH. IlenLIApAA aygHTopcKHx 4)yHK=HA B HacrosAgee BpeMS OCyi1eCTBJAeTCA pAgOM YHO3THOMOqeHHLIXpOCCHHCKHX 4bHpM a TaKiKe HeKOTOPbIMH HaH6onee nPH3HaHHLIMH meyHapo,HbMH6yxrajrTepcKHMH bHpMaMH. 06beM H KaqeCTBO BbffoiHAeMofI HMH pa6omI HeOArHHaKOBbIH, B LxefOM, 3HaqHTeRBHO HHCe Mex<AyHapoxHbIx Tpe6oBaHHfi, npeAYBIAmeMLIX K6YXraITePCKOMY yU'eTy H oTqeTHocT. B HacTosAiiee BpeMS HepeaibHo 6Imo 6b oxaTLnpOBeeAeHiA ayxHTOPCKHX r1POBePOK B nOJTHOM COOTBeTCTBHH C meyHapogHbIMHHOPMaMH, nOCKOJThKY BHeUIHHH ay,ffT npeACTaBnMeT CO6o0 HOBOe AieHHe ARAM POCCNN H,JA ero BHegpeHIA He XBaTaeT nOXrOTOBjieHHbIX KagpOB.

5.12 CpeAHeCpoqHaA nporpamma no yKpenreHHIO Ka,gPOB 6yXraATepOB H aY;uNTOPOBgoDRHa BKnloqaTb:

* flePenoARrOTOBKY H IIOBbImIeHHe KBaTHcjHKa8IXHH pa6OTaEOtWX BHacToAuee BPeMS 6yxranTepOB H 6yxranTepcKRx 4MpM Ha OCHOBe

48

HoBOro niiaHa CqeTOB, COOTBeTCTBYJOiuero MexKyHapORHbIM HOPMaM

6yxraJrrepcKoro yqeTa H aygHTa.

* Pa3pa6oTKy KPHTepHeB cepTH4KaH MOjiOIX CneiwajCTOB

KOMIIeTeHTHLIM COBeTOM rno 6yxrajiTepcKoMy yIeTy m ayAHTOpCKHM

nlpOBepKaM; pa3pa6oTKa yqe6Horo Kypca no 6yxrajrTepcKOMY yteTy AIii

CpeAHHX ilKOn, HHCTHTYTOB H YHHBepCHTeTOB.

* CoC3AaHHe npo4)eCCHOHanbHBIX opraHH3ag B MOCKBe H perHOH8Jm HbIX

iXeHTpax.

* Pa3BwrHe ayAHTa B qaCTHOM H rOCygapCTBeHHOM ceKTope.

PeryAHpoBaHHe H HaA3Op.

5.13 PerynurrmBHas 6a3a H KOHTPOJIBHbIe (3YHKJXHH XBJIMIOTCA cyigeCTBeHHbIMH

9IieMeHTaMH, o6ecnelqHBaoIoIHMH 34 eKTHBHOCTL 6aHKOBCKOf4 CHCTeMLI. 3aKOH

POCCHACKOA (DeAepagHH o 6aHKaX H 6aHKOBCKOH Ae3rrejmHOcTH HaAeiiqeT 3THMH

4)YHKIXSHMH UeHTpajiLH6i 6aHK. COOTBeTCTBeHHO, UeHTpaJMHBin 6aHK HeceT

OTBeTCTBeHHOCTb 3a (a) Bbixaxy JIHleH,H3Hf 6aHKaM, (6) pa3pa6oTKy 6naropa3yMHBIx IIpaBHJI,

(B) ocyujeCTB3neHH KOHTPOJLS, B TOM }HCJne Ha MecTax, (r) npHmveHeHHe caHKIrHii B

OTHOIueHHH 6aHKOB, KOTOpbIe He Co6jiIOAaIOT upaBHn perynmpoBaHm Hri npegCTaB&OT

yrpo3y HHTepecaM CBOHx Ae6HTOPOB H KpeXAHTOpOB.

5.14 B 1991 r. lUeHTpaj1bHbIfl 6aHK BbInIyCTHJ[ HHcTpyKIgHIo B oTHomeHHH

peryn=THBHIx "KO9c4cHugHeHTOB-H4HA1KaTopOB COCTOSiHHA 6aHKa (Ta6niHrla 5.1). 9TH

npaBHjia BeCbMa JiH6epajibHbI nO CpaBHeHHIO C npaKTiHKofi, npHHATTOf B CTpaHaX c

PbIHOqHOf4 9KOHOMHKOit, H HyxgalOTCs1 B y)KeCTOteHHH. LjeHTpaJIbHbIH 6aHK TaKxKe BbTAaeT

iHileH3HH H ocyiIecTBjiAeT HeKOTOpIie 4iYHKUHH HaA3opa 3a AesATelbHocTIo 6aHKOB, HO

ero BMeiCUaTeCJcTBO B Ae3iTeJlbHOCTb 6aHKOB H B03MO)KHOCTh npHMeHeHHA K HHM

nIpHHyAHTemjiHLix Mep BeCbMa orpaHHqeHLI. PacmHpeHHe B03MOxKHOCTek UeHTpamHoro

6aHKa B o6naCTH HaA3opa -- npoiyecc mAJiTejibHbia, rocKoJThKy OH CBX3aH c nocreneHHebim

nIpHO6peTeHHeM cneiHajIHbIX HaBbIKOB H OnibITa, npaKTHqeCKH He CyuxeCTByIOiwHX B

pOCCHAICKOA 3KOHOMHKe. Heo6xoAHMo II03TOMY paccTaBHTb IpHOpHTeTbI, onpegenaH

HanpaBneHHsI, B KOTOPbIX MoxCeT H AnxOneH 6rrm AOcTHrHyT 6icTpbIi r nporpecc H

HaIIpaBHB B HmX BesMma orpaHHxeHHbie pecypcbi OTAe3Ta ynpaBjieHHA 6aHKaMH

JeHTpan]bHOrO 6aHKa. PeKOMeHAyeTCA YAenfHTb nepBocTeneHlioe BHHMaHHe

ocymecnneHmio riporpammbi CO3AaHHS BaHKOB MeeAyHapoAH{Ix cTaHAaPTOB (BMC) H

OrpaHHx4eHHIO CHCTeMHbIX pHCKOB, B qaCTHOCTH, HegOnyIeHHio HCnIOJIb3OBaHH

rocyAapcTBeHHLIx cpeAXCTB 6aHKaMH BHe cHcTeMbI BMC H orpaHHqeHHIO pocTa

HennaTex(ecnOCo6HbIx 6aHKoB.

5.15 UleHTpajmHbx r 6aHK AOnxKeH orpaHHIHTh BbUAaqy 6aHKOBCKHX jHueH3Hfi TOJThKO

6aHKaMH cHcTeMi6 BMC. B KaqeCTBe nIpOMexyrTOqHOrO ruara IIB Heo6xoAHMo no

meHbuieu mepe (a) yxecToIHThb npoiecc BbIAaqH JiHueH3HfI C ilenIo orpaHzHHHTL

49

pacripocTpaHeHHe He3AOPOBbIX MeTOAOB 6aHKOBCKOfl AeATejbHoCTH; (6) llozTpe6oBaHHH K pa3mepy MHHHMarbHoro KaIIHTaJIa H HHAeKCHpOBaTb ero Ha ypOBeHbHH4pJ1S1ZHH; (B) 1IOB1BICHTb Tpe6OBaHHA B OTHOiiieHHH onrITa, YPOBHA KOMrIeTeHTHoCTH, HAO6pOCOBecTHocTH nlOTeHiwHaJRbHbIX aKIHOHepOB H ynpaiumouHx; (r) BBeCTH06A3aTejILHibif 1OipSgOK oXo6peHisl IeHTpanbHbIM 6aHKOM nO6bIx CyigeCTBeHHbIXH3MeHeHlHI B CTpyKType KaIiHTaJIa 6aHKOB.

5.16 B Ta6ft1e 5.1 IIPIHBOAHTCS KpaTKoe orHcaHHe DervJDTHBHbIx TDe6OBaHHl KpOCCHfkCKHM 6aHKaM. Kos44HgHeHTe I pHCKa, HCIOJb3yeMbie B otXeHKe aKTHBOB, B geLJOMHHIKe, em 9TO HripeYCMOTpeHo Ba3eJThCKofi KOHBeHIZHef. HanpHmep, nio iipaBHjamUeHTpaamHoro 6aHKa KO4 )H1i4eHT no ccyAam nIpeArpHrrHsM KoJie6JIeTCs OT 20 Ao 50n1poIeHTOB; KO39R4H[eHT rio BK.IaAaM B HeXBHMHMOCTb HJH aKLMOHepHbie o6igecrBaHaXO,HTCSA B rpeARenax OT 25 Ao 80 HpOi.eHTOB B TO BpeMs, KaK B COOTBeTCTBHH CBIa3eJbcKOfk KOHBeHilHeH KO9(b4H4ieHT PHCKa paBHAeTCS 100 r1polyeHTaM. ECnHpOcCHficKHe HOPMbI OpHeHTHpYIOTCS Ha KO94s4)HimeHT OTHoUIIeHHS KaIIHTaIa K AerIO3HTaM,Ba3eJbCKaA KOHBeH1HS OCHOBHOe BHHMaHHe ygeIiAeT CooTHouieHHo KaHTaJIa KPHCKOBaHHLIM aXTHBaM.

5.17 CneAyeT H3MeHHTb HeKoTopbIe rIpaBHjia, KacaIgecA Bcefk 6aHKoBcKofcHcTeMbI, BKJ1O'qaA H 6am , He AiBjmIoHecS BMC. UeHTpanmHbi 6aHK AoJIKeHnepecmoTpeTb Bec KaJKAOf KaTeropHH pHCKa, npHMeHAeMoro ARA pacqeTa K0934xHIUIIeHTOBB COOTBeTCTBHH C Ba3eJMCKOff KOHBeHgHef, H riO-HOBOMY oIipeAeM K0394,HgHeHTgocTaToqHOCTH (ageKBaTHocTH) C06CTBeHHoro KanHTana 6aHKa, opHeHTHpysCb Ha aKTHBbI,a He Ha o6A3aTenbcTBa.. 9TH H3MeHeHHA 4)OPMYJIHPOBOK rIO3BOJIST OCyigeCTBHT Ha,3Op3a 3BOrnIogHef1 CHCTeMbI B ixenjoM H ee c6Hx(eHMeM Co CTaHgaPTaMH BMC. rlpH 3TOMlOPAEOK BeAeHHA OTqeTHOCTH CTaHeT ropa3Ao nOHsTHee gIiAr nOTeHIXHaAbHbIx

HHOCTpaHHbIX HHBeCTopOB. CooTHoIImeHHe aKTHBOB H O6x3aTeJmbcTB 6aHKOB, eaie HerocTHrILuHx YPOBHS EMC, ArOJDKHO onpeAeniAmcA HCXOII H3 CyUgeCTByIoigef CHTyayiH BoTpacni a TaKxce H3 AojurocpoqHbIx Tpe6OBaHHf, HeO6xo0HMbIx Aas pa3BHTHSICOBpeMeHHbIX H HaAexKHbMx MeTOAgOB BeAeHHs 6aHKOBCKoro gena Ko94)4mHgHeHToTHouieHHS aKTHBOB K o6A3aTenBcTBaM He AO3DKeH ripeBimaTm aHajioraqHoro rioKa3aTes,iipwMeHAemoro K BMC. BnioHe B03MO)KHO, qTO OH ,OJaKeH 6bIm yCTaHoBjieH Ha3HaqHTeJIhHO 6onee HH3KOM ypoBHe.

5.18 Ilocne iIpHHSTHA peiueHHs o6 ocyrIecTBwieHHH IporpaMMbI BMC IUeHTpanbHbIH6aHK AonaxeH 6yxeT pa3pa6OTaTh H BbIryCTHTH "iiDaBHjTa 6garoDawvMAr" AJJ TaKHX 6aHKoB(CM. rniaBy 3). genecoo6pa3Ho ripegycmoTpeTb nocTeneHHoe IOBbIiueHHe ypOBHATpe6OBaHHfi, BMeCTO IPH3NBIBOB K HeMeAIeHHOMY BBeAeHHio COOTBeTCTBYIOUXX BBICORIXTpe6oBaHHi HnJH ycTaHoBTeHH1O Tpe6OBaHHf, KOTOpbIe He nOA CHJTY HH OgHOmy H3 6aHKoB.B KpaTKoCpowHot H cpexAHecpoqHo4 rixepcrieKTHse UIeHTpaibHoMy 6aiKy cneguyeTCOCpeAOTOqHTbCA Ha IITrH Knio'eBbix xaparTepHCTHKaX: JIHKBHAHOCTH, AOrIYCTHMOMYPOBHe KpeAHTHOro pHCKa, KJnaCCH(HKauHH 3aNMOB H nOCJiegCTBHH KjiacCH4NHKaiHH AiAIHHaHCOBOro oTieTa H KOSbcpHLJHeHTa AgOCTaTOqHOCTH KanHTaiia, a TaKxe Ha ripoueHTHbix

H BaIIOTHLIX PHCKaX H opraHH3aINHH BHYTPeHHerO KOHTPOJIA B 6aHKax.

50

Ta6nIHlga 5.1HODMaTHBblMIR POCCHiACKHX 6aHKOB

|06.3aTeJIbHbe iKo3dEbHIumeHTbl BbBIHe v<HyneBoth) 6aHK

roc6amm

KaiHTaii/o6A3aTeJbCTBa (MHHHMYM) 0.04

AJIM 3aKpbITbIX KOpnOpaLlHH (MH4HHMYM) 0.05

AJIA OTKpbITbIX KOpfOpauHf (MHHHMYM) 1/15

JIHKBHgHbIe aKTHBbI/BnaAbI AO

BocTpe6oBaHH5 0.20 0.30

Aoj,nrocpOqHbie ccygbI/AOJirOcpoqHbIeArenou3HThI (MaKC4myM) 1.50 1.00

PHCK OgHorO 3aeMuEHKa/KanIHTaJi

(MaKCMmyM) 1.00

AmJI 6aHKOB, IIOJIYtIHBUIHX JIHLeH3HIO B 1990-

91 rr. (MaKCHMyM) 0.75

AXm 6aHKOB, nORYt1HBIIHX JIHueH3H14O B 1988-

1989 rr. (MaKcHMyM) 0.50

flpHEMeqaHHe: AKTHBbI npegCTaBRMIOT C060olcpeAHH{e BeJIHIqHHbI, B3BeIfeHHBIe no PHCKY

5.19 YHIHBepCaBbHHbIe 6aHKH HJ HeuHaJIH 3HOBaHHbIe 6aHKH. UeHTpaJTHbIII 6aHK

AO3DKeH Tpe6OBaTE6 OT Bcex 6aHKOB noJIHOW KanHTaRH3aWHH He-KpexHTHbIX HHBeCTHEu4H,

TaKHX KaK LgeHHbIe 6yMarH aKUHoHepHbIx npenpH=sfT , HegBHxHmOCTb H yqacTHe B

KanHTane nlpe,InpHsTHfH. rOJIHaA Kan1HTaniH3agLU15 o3HaqaeT, qTO TaKEHe HHBeCTII4HH MOryT

4'HHaHCHpOBaTbCS TOJIhKO 3a cqeT C06CTBeHHbIX, HO He nIpHBJIeqeHHIX CpeXCTB 6aHKa.

paniee, pa3Mep3 THX HHBeCTHITJ4HI He gOjieH npeBEiinaTm 10--20 nIpOleHTOB KanHTa8MOB

6aHKa. TaKIIe Tpe6oBaHHA SIBJIEOTCS CTaHAaPTHbIMH B CTpaHaX C CHCTeMOH yHHBepCa.JHLIX

6aHKoB. UleHTpanbHbIi 6aHK Ao3flKeH npeAocTaBHTb 6aHKaM IiepHOA B ABa-TpH roAa, AnA

Toro wro6iI OHH CMOrJIi COOTBeTCTBOBaTh Heo6XOAHMbIM Tpe6oBaHHJM, 1OCKOju6Ky pUy

6aHKOB 6yAeT HeiierKO nPOAaTb CBOH KanHTajiOBnOxceHHA HJIH, BepoSrTHo, 6yXeT TPYAHO

H3bICKaT] cpeAcTBa, Heo6xogHMbIe AJIi aZjTTePHaT.HBHOO rHX 4bHHaHCHpOBaHH5L

5.20 Pa3BeHTHe BHetUHero Ha6JTIojIeHHSA 3a BcefI 6aHKOBCKOfl CHcTeMof4 H 3a

OTAeIJTEHBIMH 6aHKaMH CTaBHT CBoefH Uen1O OTcJIeXKBaHHe co6moxOeHi perynipOBaHEs

H nocTeneHHoro CO3XaHHS "cHcTeMbI paHHero npegynpexKgeHHs". rporpammaHa6n=oeHA

XOJDKHa OCHOBE IBaTbCSA Ha KOHKpeTHOM npHmeHeHUHHH 6naropa3yMHofi, B3BemeHHok

6yxraJITepCKOf H KpeXHTHOH OTqeTHOCTH, o6bNqHO npegocTaBjiAemofi 6aHKaMH

UeHTpaJ1bHOMy 6aHKy. Hogo6Has nporpamma AORKHa pa3pa6aTbIBaTbCs B paMKax

CTpaTerEHH aBTOMaTH3aLiHH aeHTpaJTHoro 6aHKa, Ha6juOmeHHe XOJKHO nIpOBOMThCA

CBOeBpeMeHHO H BKJIIOqaTh TUTeabHHyiO npOBepKy nOCiieAOBaTefbHOCTH OmqeTOB.

rIporpaMMa 6ygeT rioIn3HOf H B nOArOTOBKe npOBePKH Ha MeCTaX, nOCKOJILKY aaCr

51

BO3MO)KHOCTh UeHTpaAbHOMY 6aHKy BbLSBHTB 6aHKH C yXyAuiaOiWHMHCM riOm3mTJMHpa6oTbi.

5.21 PaClnIHpeHHie B03MO)KHOCTeHi UeHTpajibHOrO 6aHKa B npOBeAeHHH HpOBeDOK HaMecTax npeAcTaBjiseT co60ou caMyIo BaJKHyIo H TPY,JHYIO 3aAaty, cTosryilo riepeA OTAeenoMpery HpOBaH3 AeATeAjbHOCTH 6aHKoB. PeineHHe 3TOH gojiroCpOqHOH 3aga'm AOJIX(HOTiI1aTeJIbHO rIJIaHHPOBaThCA COBMeCTHO C pa3BHTHeM COOTBeTCTByioilefi CHCTeMMI6yxrajrTepcKoro yeTa H ayHTa, TO 3IBJisieTCA Heo6xoAHMbIM YCJIOBHeM npaBHJIbHOfio0eHKH 39(4eKTHBHOCTH pa6oTmI 4HHaHCOBbIX y"pexAeHHl. 9To HO3BOJIHT cocpeAo'mmBHHMaHHe B xoAre IIpOBepOK Ha MeCTaX He CTOJIbKO Ha cqeTax 6aHKa, CKOJIbKO Ha BOnPOCaX6e3onaCHOCTm BceH OTpaCJIH H OTAeJIbHbIX 6aHKOB. 3Aecb cnegyeT BbgUeJHTH ABe OCHOBHbie3agaq: (a) CO3AraHHe rpynnlfbI KBaJDHLHgHpOBaHHLIx 6aHKOBCKHX pBH3OPOB ARAsoCyImeCTBJIeHH,I KOMniieKCHbIX npOBepOK KpynHbIX 6aHKoB, HpHHHMa1IX BKjiagbIAOMauHHX XO3AIMCTB; H (6) nocTeneHHoe BHeApeHHe IIpOCTbIX H yHH4bHUHPOBaHHLIXMeTOAOB, npoilexyp H OTteTHOCTH IIPH aHanIH3e yTIpaBjeHHA JIHKBHXAHOCT610, KpeAHTHofInOjIHTiHKH, KiiaCCH4bHKaIXHH 3afiMOB H BHyTpeHHerO KOHTPOJI.

5.22 )JIA CKOpefIInero pemUeHHA 3THX 3aAa' UeHTpaJThHbIH 6aHK gOnDKeH nopymTbHX BbIlOjiHeHHe CHeIJHaJIH3HPOBaHHbIM 4)HpMaM, TaKOH rpaKTHKOfX AO CHX fopflOJIb3yIOTCs HeKOTOpbIe 6aHKH B 3anagHou EBpone. B TeteHe 6iHKa HX Tpex--ILMneT IleHTpaJbHOMY 6aHKy cJiexyeT TaKxKe paCCMOTpeT6 B03MOXHOCT6 COBMeCTHOfi pa6oTmipeBH30pOB HHOCTpaHHbIX 6aHKOB H cBoero C06CTBeHHorO KOHTpOJIbHOrO ainnapaTa. 9To6yxreT cnoco6CTBOBaTb 6onee 9S4eKTHBHOMy Ha,30py H o6ecneqHT B03MOXKHOCTho6yqeHi4A POCCHfCKoro nepcoHaiia Ha pa6oIeM MecTe. CTpaHbI 03CP, nlO-BHAHMOMy,CMOryT npeAOcTaBIfTf 6aHKOBCKHx aygHTOpOB B paMKaX nporpamM TeXHHqeCKO1 IIOMOIgH.9TH coBMeCTHbIe KOMaHAbI AOJITKHMI pa6OTaTb no OCyiixeCTBJIeHHIO HaX3opa HaA BMC,KPynHbIMH 6aHKaMH, He AB1SIAIO MHCS BIMC, H no6bimH 6aHKavmH, He OCTmuIHMHYPOBHS BIMC, KOTOpbIe npOxO3DKaJOT 6bIcTpo pacTH nocnie BHeApeHHA nporpaOMMMi BMC.

5.23 3A 3c1("eKTHBHoro ocywecTBjieHHA (pyHKzHH peryJIHpoBaHs H Ha,30paHeO6XOAHM ilembif pAA nOJIHOMO'qHl, CBA3aHHbIX C peAoCTaBneHHem HHOpMaHH,HaJIoKeHHeM CaHKIaHH, HaqHHaA C npeAynpexcxeHHf4 H nTPpadpOB H KOHqaA 3aMeHOfkpyKOBOACTBa, OT3bIBOM JIHueH3Hfl H IIPAMLIM BMeii1aTeJThCTBOM CO CTOPOHbI ueHTpaJmHoro6aHKa. PenyTatuHA OTgeJIa peryJIHpOBaHHA geATeC3bHOCTH 6aHKOB 6ygeT B 6o0bimeiCTeIIeHH 3aBHCeTb OT Ka.eCTBa H npo(peCCHOHa3IH3Ma ero peKOMeH,gaiHAi, qeM OT eroCnOCO6HOCTH HaKnaAbIBaTb )KeCTKHe CaHKINHH. KaK nOKa3bIBaeT OnbIT, qeM jiytimeBbI6iOnJHAIOTCS pery3iHpyioigHe H HaA3OPHLIe 4pyHKUHH, TeM 60JIM6IHM XOBepHeMIIOJh3yIOTCSI peKOMeHga.NHH UeHTpajbHoro 6aHKa H TeM MeHbife Heo6XOAHMOCTh BBeAeHHSKeCTKHx CaHKgHf!.

roAroroBKa 6aHICOBCIKX KaAPOB

5.24 AJ"SI nogrOTOBKH POCCNNCKHX 6aHKOB K geMTeJIbHOCTH B PbIHO'IHbIX YCJIOBHIXTpe6yIOTCS COBepIfleHHO HHbIe MeTOgbI, 'eM Te, YlTO HCnOJIL3OBaJIHCb B 6GIBmefl COBeTCKOA6aHKOBCKO1 cHcTeMe. nxIi yKpenIieHHS KagpOB 6aHKOBCKHX pa6OTHHKOB B POCCHH

52

Heo6xogHMo OpraHH3OBaTb LuHpoKoMaCInTa6HhIe npOrpaMMbI rIOXrOTOBKH H

nepeIoArOTOBKH B o6JIaCTH 6aHKOBCKOrO ynpaBneHHs, MapKeTHHra H npeAoCTaBJIeHH

6aHKOBCKHX ycjiyr, yripaBJIeHHq piCKOM, o6ecneqeHHR (bHHaHCOBOH cra6HJIbHOCTH

34)c¢eKTHBHOCTH 6aHKOB H OCyiIeCTBJIeHHA OCHOBHbIX 6aHKOBCKHX onepaguHf.

5.25 HHCTHTYUHOHajibHaS, ripaBOBaA H peryji5THBHax 6a3a, Ha OCHOBe KOTOPOil

npe,cToHT AefCTBOBaTb 4¢HHaHCOBOf cHcTeMe POCCHH, HaXOAHTCA TOJTbKO B rnpoixecce

cTaHoBJIeHHAA. Co3Aanacb 6ecnperieAeHTHas CHTyagL , B TOM CMbiCJIe, To KnaCCiacqecKag

MO,ejfb rIO)rOTOBKH KaApOB XIA cyigecTByIoieH CHCTeMblI He ripHMeHHMa. HanpHmep,

pa3pa6OTKa AoroBopa 0 3aHme HJiH KpeAHTe OCcyieCTBS1eTCS B onpeAeZeHHom

iopHgHCecKoM KoHTeKcTe. B PoccHH KopnopaTHBHoe npaBo eige HeaocraToTHo qeTKo

C¢OpMyJImpOBaHO, B CBSI3H C 9THM nOArOTOBKY CIIneuHaHICTOB B o6JlacTH KpeAHTOBaHfSA

HiPHXOXHTCSA npOBOAHTb C yqeTOM TOrO, qTO CaMx KOHTpaKT]I TOJIbKO pa3BHBaIOTCA.

5.26 fIocKoJIbKy KaXpBI 6aHKOBCKOH CHCTeMbI nIpaKTHqeCKH He rOTOBMI K

OCyLigeCTBJIeHHIO 6aHKOBCKOH AeRTeJIbHOCTH B HOBbIX YCJIOBHAX, HeO6XOAHMO CpOqHO

OpraHIH3OBaTh 6a3oBoe o6yqeHHe. rIoWrOTOBKa CneimaiHCTOB B paMKaX CHCTeM6I,

npeTepneBaioLgef KOpeHHbIe H3MeHeHHS4, nOTpe6yeT OT BCeX yqaCTHHKOB yYe6Horo

npoiyecca rOTOBHOCTH COTpyXHHqaTh H lpOMBJI3fTh 3HaqHTlTehHyiO rH6KOCTB. MOXHO BBeCTH

B XfeHCTBHe npOrpaMMy, paCCqHTaHHYIO Ha o6yqeHHe 6aHKOBCKHX pa6OTHHKOB OCHOBHbIM

HaBbIKaM 6aHKoBcKoro Aejia, KOTOpaA nO3BOJIHT HM 3cIeKTHBHO yqaCTBOBaTb BMeCTe c

HHOCTPaHHbIMH CneLHaJIHCTaMH B HHCTHTYUHOHan1bHOM p3BHr 6aHKOB H

COBepIuIeHCTBOBaHHH CqIHHaHCOBbIX pbIHKOB. OnpegeJIHB OCHOBHOA flOAXOg K ynpaBneHHHO

6aHKOBCKHMH 4jYHKI1HMMH, MO)KHO 6ygeT npHCTYIIHTb K BEIIIOJIHeHHIO 6onee

OpHeHTHPOBaHHbIX Ha HY)KAbI 6aHKOB, ueiieBbix nporpaMM nOArOTOBKH cneiHaJicToB.

5.27 rlpaBHTeJIbCTBa H HHCTHTYTbI 3anf6HbIX CTpaH HpOBOXIST B POCCHH pa3JIHqHbIe

nporpaMMbI o6yqeHHs ARA 6aHKOBCKHX KaApOB. B OCHOBHOM 9TO KpaTKocpotIHbIe KypcEbI,

KOTOpLIe 3HaKoMAT cjiyTaTeJIef c AoceJie HeH3BeCTHOH HM 6aHKOBCKOH KYJIbTypOH, HO He

npeXyCMaTpHBaEOT HHTeHCHBHOrO o6yqeHHA. OAHaKO, OCTPOTa npo6JieMbI nOXrOTOBKi

6aHKOBCKHX CriemHInHCTOB Tpe6yeT npOBeAeHHA B XMH3Hb ropa3Ao 6onee

nocieAOHaTe bHO4 Hrny6OKOf nporpaMMbI. niiA o6ecneqeHHSI 9KOHOMH'HOf H IIIHpOKOA

nOArOTOBKH KaApOB, AocTynHOH BceM 6aHKaM POCCHH, Heo6xoAHMo CO3IaTh no Bcef4

POCCHHCKOH (DeXepaLuHH ceTb 6aHKOBCKHX IIKOJI, KaK 9TO 6bInO cxexraHO B rIIoEibue H

BeHrPHH. B 3TOM OTHOuJeHHH y)Ke npeXnPHHATbI nepBbie luarH. B qacTHocTH, npH

coAeHcTBHH EBponeflcKoA cHcTeMbI o6yteHHs 6aHKOBCKOMY xejiy H KOMHCCHH EC

CO3,aHa MOCKOBCKaA 6aHKOBCKaSi iuKonia. B psAAe pOCCHiHCKHX ropoAoB nPHHHMaEOTCA B

onpexeneHHoM MacElTa6e H ApyrRe KOHKpeTHbIe Mepbi. 1IA0R6H6IA OnIIT cjieiyeT

0o06o4HTb H pacnpocTpaHHTb nO BCefi CTpaHe.

5.28 nOCKOIbKy KpeXHTOBaHHe COCTaBnAeT OCHOBY 6aHKOBCKOH geiSTeRLHOCTH H

ABJIAeTCA o6JIaCTblO camorO BbICOKOro pHCKa, pa3pa6oTKa y'ie6HbIx nporpaMM no

KpeAHTOBaHHIO AOJDKHa nOJIYtHTb nPHOPHTeTHoe HanpaBjieHHe. Ha AaHHOA cThwH 6aHKaM

TaKxKe cjiexyeT yHThCA cTpaTerHH, TaKTHKe H MeTOAMa 4)HHaHCOBorO nniaHHPOBaHHA MM

opHeHTa4H H nepeopHeHTa UH cBoero ynpaBjieHHi. 14 HaKOHeL, yqe6HbIri nJIaH AojnKeH

53

6BIT6 JOCTaTOqHO U1HPOK4M H BKJIlOqaTb TaKHe AHCUHMIMHHbI, KaK geHbrH H 6aHKOBCKOegeJIo, PbIHKH KarIHTaOB, me)KgyHapOgHbie 6aHKOBcKHe orepamHH, (RHaHCHpOBaHKeTOproBJIH, o6ame npHHUHfnbI ynpaBjieHHS, MapKeTHHr H "po3HHIHoe" o6cnyMcHBaHHeKiHeHTOB.

5.29 Eiie OAHOA 4)OpMOH OpraHH3MaHH o6ygeHH5 6aHKOBCKHX pa6oTHmKOB a TaKwKeyKpen.eHIGH CTpYKTYPbI pOCCHHICKHX 6aHKOB MoXCT ABHTbC31 nporpamma yCTaHOBjieHHAIapTHepCKiHX OTHOIueHHII MeXCXy POCCHHCKHMH H BeXYIUHMH 3apy6eXHHbIMH 6aHKaM4. B

COOTBeTCTBHH C 9TOEI rpOrpaMMofl, npegCTaBHTeJIH 3apy6exKHbIx 6aHKOB 6yAyTKOHCYJThTHpOBaTb CBOHX POCC1HCKHX raPTHepOB HO BOnpOCaM cTpaTerHqecKoroIIaHHPOBaHHM H OpraHM3aduH pa6oTbI. rpH 9TOM OHH 6yAyT ytaCTBOBaTb B riOBCeaHeBHOHynpaBjieHxieCKOHf AeSTeJIbHOCTH pOCCHHCKHX 6aHKOB C TeM, qTO6bI pOCCHHCKHe KoJIJTerHMorJiH nepeHHMaTb HX oriTIT. B nopAgKe KOMieHcaWHH 3a 9TH yCJIyrH HHOCTpaHHbie 6aHKHMOriiH 6bi flOJIyqaT6 .H60 onpegeieHHoe B03HarpaxKceHHe, 11H60 xOjIo B KarIHTaIiepOCCHAICKOrO 6aHKa-napTHepa. TaKaA nporpamma OCy-lmeCTBJiAeTCA B flonnme C nOMOaTbEOKpeAX4Ta BCeMHPHOrO 6aHKa.

PacqeTHaM CHcTeMa

5.30 PactieTHaq CHCTeMa npegCTaBJi5eT co6ofi MexaHH3M, c rOMomo Io KOTOporoo6A3aTenbCTBa, B03HHKaIOiuAme B pe3yJIbTaTe 3KOHOMHqeCKOf4 reATeJIbHOCTH, nOraInaxOTCAnyTeM nepeBoxAa AeHe)KHbIX cpeACTB. HaCTOAIIUHfI pa3gxen BbIAeSjieT Ty o6nacTb pacieTHoHCHCTeMbI, KOTOpa5 CBA3aHa c HCnOJnb3OBaHHeM 6aHKOBCKHX greno3HToB. PaceTHasA CHCTeMa944eKTHBHa B cnyiae, Korga KJIHPHHr, npouecc nepeAatiw ninaTeXHHoR RHH4opMaamH,OCyI1teCTBJIAeTCS 6bICTpO H HageXHO. 14 Korxa OKOHqaTeJIbHbIlf paCqeT, T.e. ()aKTHqeCKHflnepeBOA UeHHOCTeH, OCyWeCTBj1SeTCI B qeTKO yCTaHOBJIeHHbIe CpOKH, B HY)KHOM o6fteMeH nO Ha3HaqeHHIO.

5.31 CyigeCTByioiUaA B POCCHH4 CHCTeMa paCqeTOB npHCHOCo6JIeHa K HyxcAaMileHTpanIH3OBaHHOfi rIiaHOBOH 9KOHOMHKH. OHa He MOxceT YXOBjJeTBOpHTeJIbHO peiiHTbnpO6JieMy teTKOCTH4 Hi 6bICTpOTbI COBepiueHHA pacqeTOB, qTO ipe3BbIxiaHO Ba)KHO BYCJIOBHMX pbIHOqHOfi 3KOHOMH4KI4. jaHHaM CHCTeMa TaK)Ke He B COCTOSHHH CnpaBHTbCA Cpe3KHM yBeJIHteHHCM o6ibeMa A,eHeXKHbIX onepaHi4l, xapaKTepH UM , nepexo;xHoronep4o;xoa. BOJIbIlaSI qaCTb nJIaTeKeH OCYIyiieCTBnIeTCS Aepe3 UeHTpaJibHbIfI 6aHK, KOTOPblAHMeeT CeT16 H3 1400 pacqeTHO-KaccoBbIx LeHTPOB (PK1I). KaxcAbIfl 4HJIHaJiKOMMept1eCKOrO 6aHKa HMeeT CqeT B MeCTHOM PKU. OriepalHH c nOTpe6HTeJIsMH HnpegripHATHSMH pO3HHqHOft TOprOBJIll 06b'qHO OCyIteCTBJI5AOTCX c HCnOJTb3OBaHHeMHanjHqHbIX AeHer, B TO BpeMA, KaK paCqeTbi ripegnpHATHf H rocygapCTBa B OCHOBHOMOCyLUeCTBJ1IlOTCM C nOMOLbiO nHiaTe)KHblx nOPYteHEHI H njiaTe)KHbIX Tpe6oBaHHfl.TIiaTe)KHbIe HOpyqeHtI5H gaIOTCq B nHCbMeHHOH (OpMe H o6pa6aTbIBaIoTCx BpyqHyiO. EcnHcqeT nJITnbIUHKa Ae6eTyeTCA cpa3y xce nocne BBegeHHA nopyxieHTA B CHCTeMy, CqeTnoj¶ytaTeni nniaTe>Ka Kpe,HTyeTCM TOJIbKo nocnie TOro, KaK niaTe>KHbIH AOKyMeHTnOCTyiHIi B ero 6aHK. IJOCKOJIbKy npoiuecc nriaTexca MoJKeT 3aHHMaTb XLo Tpex HeAeJI6, 9TOOTPHiUaTeJbHO CKa3bIBaeTCM Ha JIHKBHgHOCTH npegrHpHATHA.

54

5.32 IleHTpanBHbIH 6aHK irpaeT BaXCHYIO pOJIB B peopraHM3auiH cyigecTBy1ouiefiKjIHpHHrOBOfi cHcTeMbI. BBeAeHa HOBaS copMa teKOB H OTMeHeHa CHCTeMa rniaTexHbIx

Tpe6OBaHHf. CHCTeMa PaCteTOB B paMKax oxHoro ropoAa yJiyqIHHJIacB, OcO6eHHO B

cJIywasx KPYflHbIX pacqeTOB rIo MOCKBe. TeM He MeHee, OCyjgeCTBJIeHHe pacqeTOB MerK

ropoAaMH rio-npeXKHeMy ocylgecTBJimeTCs C 60JIBUIII 3aAepXKKoH. BBeAeHa HOBaS

cTaHAapTHas c1opMa nnaTe)KHoro riopyIeHHA H nepecMaTPHBaeTCS 3aKOH O HniaTe)Kax.

5.33 OAHOfI H3 KiiiOqeBbIX npo6neM B pa3BHTHH CHCTeMBI niaTexKef MBimeTCA

HecorJiacoBaHHocTb ieneizi H 3aAati. UeHTpaBJbHOMy 6aHKy HPHXOWTCS peIiaTm ChIO)KHYIO

3a,gaqy cTaHAapTH3aIHH IIJIaTexKHbiX CpeACTB, npoiLeAyp H npaBHJI. XJIs Toro, 9Tro6BI3(cI(eKTHBHO YAOBfleTBOPATb pacqeTHbie riOTPe6HOCTH POCCHfICKOM 9KOHOMHKH, pac'qeTHaS

CHCTeMa gOJDKHa OXBaTbIBaTB BCIO CTpaHy. KpoMe TOrO, riOCKOJIhKY AaHHOR CmCTrMe

npHAeTCSA IIOAKJIOqHTCA K MexAyHapOHbIM paCqeTHbIM CHCTeMaM, pOCCHftCKIe cTaHAapTbI

AOJDKHI B MaKCHMaBbHOfI CTeHeHH IpH6JIH3HTBCSA K MemKgyHapOAHMIM.

5.34 OAHaKo, CTOJIKHYBLUHCb c rlpo6neMaMH CerOXHSlHerO AHS, HeKOTOpBIe 6aHKH

peIIIH nepefiT K C03AaH4IO CBoef co6CTBeHHOf4 BHyTpH6aHKOBCKOf CHCTrMBI pacqeTOB,

HpHBA3aHHOfI K MeCTHbIM H perHOHaBjbHBIM paCqeTHiM iLeHTpaM, H He 3aBHceTh OT

UIeHTpanbHoro 6aHKa. HeKoTophle ropoAa nbITalOTCA IIOCTpOHTb CBOH Co6cTBeHHbieCHCTeMbI H fIOPXAOK pacqeTOB, qTO 3Ha'HTeJIbHO 3aTPYHHT npoIXecc Co3AaHMIAHHLIX H

YBs3aHHbIX MexKAY Co60o B MaCLuTa6aX Bcef4 CTpaHbI CTaHgapTOB ripOBeAeHA paCqeTOB.

B TO xce BpeMS, OrIbIT APyrHx CTpaH rOBopHT, 'qTO CTpeMjieHHe [leHTpaUbHoro 6aHKaHaBs3aTb npoilecc CBepXy H ocyigeCTBsTb ero "no nuiaHy" MOKeT TOJIBKO IIPHHeCTH BpeX,HOCKOJnbKY UIeHTpanJbHbIH 6aHK qacTo OKa3BIBaeTCX He B COCTOSHHH YAROBJeTBOPHT

rpOTHBopeqaIHe Agpyr ARpyry HHTepeCbI CTOPOH H TeM CaMbIM MO)KeT rIOAOPBaTb

KOHCTPYKTHBHbIe HaqHHaHH5I, npoHcxoriHe 3a npeAeJIamH o)HXl4aJIbHOfi cHcTeMBI.

5.35 nYTH YCTpaHeHHJ 9Toro nPOTHBOPeHS[ ciexRyeT HCKaTb B CO3XAaHHH

HaiHOHaJI]HOrO bopyMa, cnoco6Horo Pa3PeLUHTb KOH(DJIHKT Me.JKAY Pa3JIH'HbIMH

HHTepecaMH H yfeJlIMH. B anpeJIe 1993 r. UeHTpaJIbHbIf 6aHK plHHAJI penieHHe o6yqpexKXAeHHHro pyKOBOAsiigerO KOMmTTa AiiA OCyIeCTBjieHHA Ha30pa 14

KOOPAHHaHUHH Pa3BHTHA CHCTeMbI paCqeTOB H pa3pa6OTKH CTaHAaPTOB. B COCTaB FPKBO4AyT 25--30 qeJIOBeK, H3 KOTOPIX 10 6yAyT nPeAJCTaBJIATb OTAeJIfbI [UeHTpajnHoro 6aHKa,a OcTaJIbHbie -- KOMMepiecKHe 6aHKH, accolHaL4HH KOMMepteCKHX 6aHKOB, B HerO TaKxceBOMYT rHHOCTpaHHbIe 9KCnePTBI H3 MBD, BceMHpHoro 6aHKa, ,UpyrHX meyHapOgHbIXopraHH3agH4 H ueHTpanJbHbIX 6aHKOB 3arTa,HbIX CTpaH. IUeHTpaJbHbIH 6aHK onpexAemjirILueCTb BOrpOCOB, KOTOpbIe HeO6XOMmO peUHTb ARA C03AaHHA pac'ieTHoH cHCTeMbI:

B3aHMHbIH 3ateT Tpe6oBaHHId, CHCTeMa nepeBoAoB KpyrHH6X CYMM, HOBI6e nLJaTeT)KHLIe

HHcTpyMeHTbI, BHYTpH6aHKOBCKHe pacqeTbI, pa3BHTHe HH4CHpCmaiHOHHOft cHCTeMbI H

rIOXArOTOBKa KaAPOB. )IjM BLInOJIHeHHS Kax<KOH H3 YKa3aHH]IX 3aAaq IPK npeACTOwT

C03AaTb COOTBeTCTByIOUIHe CTPYKTYPHbIe rogpa3geiieHH .

5.36 rPK XoOJI)eH pa3pa6OTaTb MOxejT CHCTeMbI paCqeTOB. OH iOJDKeH OnpeAeJIHTeH:nniaTe)KHbIe HHCTpyMeHTbI (xAe6eT/KpeqHT/o6e onepaTAHH); rpac1HK pacqeTa (B TOT xe

AreHb/Ha cjiexAyiollo4 XeHb/B 6onee AJIHTeNJbHbIe CPOKH C yKa3aHHeM rpacpHKa);

55

y1 pexgeHHe, ocyigecTBAnIoayee nnaTexc (IeHTpaMbHbIf 6aHK/qaCTHbIIV MeCTHbIHHaiuOHaJIbHmif 6aHK); 4lOpMy paCqeTOB (6e3 BblqeTOB/C B6I1eTaMH); Ha3HaqeHHe nmaTexaH rpHOpHTeTblI pa3BHTHA5 (OnTOBbIl/pO3HHrHbIfi/Mex6aHKOBCKHci); pOpMy OHnIaTbi(6yMaXCHas1/9neKTpoHHaA, naKeTHa/B peXHMe peanimoro BpeMeHH); KOMMyHHKiUHOHHMieH c1OpMaTHbie CTaHJaPTbI H rpOTOKOJIb C OueHKOH HMeiOugHXCA nepegaioWiHx MOUIHOCTeH;ripaBHjia H HOpMaTHBbI, BKIOtaSa rIPHHYXHTeJlbHbIe MepbI; KOHTpOJIb yrpaBjieHHA PHCKaMHH CpeXCTBa HaA3opa; CTaHXapTbI XOKyMeHTOB; H AOCTYnHOCTb CpeACTB(paCqeTHbiegeHTpB/yHOnJIHOMOqeHHbIe 6aHKIHHbIe KOMMep{CcKHe npegnpH4THA).

5.37 K rlpo6neMaM POCCHNECKOII KJIHPHHrOBOII CHCTeMbI Heo6XOXMHMo rOiXOXHTh CTpex CTOpOH:

rIpouexypbI -- KpaTKOCpOIHbie ycHJJHM gnsi 6blcTporo noBbIIneHHs9¢4eKTHBHOCTH CyweCTByIoueH CHCTeMbl C HaHmeHbiefi CTeneHbIOge3OpraHH3a4HH TeKYI1HX orIepaLHHi.

CTpyxirypa -- H3MeHeHHS B 3aKOHax, 3aKOHOgaTeJIbHbIx aKTax,peryJISAT4BHbX CTaHgapTax c uenIiio o6ecIeqHT]6 HOBbIe 4OpMuinpOBegeHHS oHepaIgHf H IIOBbICHTb 93ceKTHBHOCTB KOHTpOJIAynpaBjieHHA pHCKaMH.

* ABTOMaTH3aiMSH -- ycEIHSi HO aBTOMaTH3agHH H cTaHgapTH3aIJHcyiueCTBYIOLJHX npoUeegyp C Uejm}o nocTeneHHoro CO3fRaHH3IieKTPOHHOH pacqeTHOff CHCTeMbl.

5.38 PAi H3MeHeHHi nHDOUiegVDHOrO xaDaKTePa y)Ke ocyi1eCTBJmeTC3. Pa3pa6oTaHCTaHgapTHLI6i npOHyMepOBaHHbMI 6naHK nIiaTeXHoro nopy'eHHA, qTo yMeHEMHTBepOSTHOCTb OIH6KH nPH npOBegeHH4H nIIaTexKef H IIOBbICHT 3944eKTHBHOCTbaygHTopcKorO KOHTpOJIS 6yMaJKHbIX ,OKyMeHTOB. iASg ROCTaBKH nJIaTeXKHbIx nopyqeHHfIHaqHHaeT HCnOJIb3OBaTbCq 6aHKOBCKHe KyPbepCKaA cjlyK6a BMeCTO o6biqHofi noqTbi.TaKHM o6pa3oM MOXHO KOHTPOJIHPOBaTb H coKpaigaTm BpeMi gOCTaBKHm. OJDKHbi 6bYTBepxgeHbI rpacpHKH paCqeTOB no miaTe.KHbiM Onpy1eHHSM C TeM, YT06bI COKpaTHThBpeMAI Ha o6pa6OTKy njiaTe)KeA, B cjiyqae npeBbIIIIeHHA CPOKOB XOJHbI B3HMaThCSmiTpa(dpi.

5.39 OAHHM H3 rJIaBHbIX H HeO6XOAHMbIX CTDVKTVpHbIX H3MeHeHHfi ABjIeTCMBBeAeHHe OnIepaLHOHHMIX CTaHgapTOB H HpaBOBOM OCHOBbI TA MeCTHbIX paCqeTH]6XgeHTpOB. TaKHe paCqeTHbie IeHTpbM yXCe C03gaHbl H, HO BCef BHgHMOCTH, 6ygyTnpogojixaTm cyIiXeCTBOBaHHe. IJeHTpanJ.HOMy 6aHKy He cjiegyeT MOHOnO3IH3HPOBaT63aKOHHYIO 4tyHKHiO oqaCTHOrO CeKTOpa, HO OH gOjiKeH yCTaHOBHTh HOpMaTHBbI KOHTPOLA3a ynpaB3IeHHeM CHCTeMHIMMH H BpeMeHHbIMH pHCKaMH, a TaKxKe oriepatioHHbieCTaHXapTbl, BKnjoqaioIUe o6LgHe cbOpMaTLI, npOTOKOJIb KOMMyHHKalNHNi, npOTOKOJIM HBpeMeHHbIe HHTepBanbI pac'eTOB, TaK 4To6bI CO BpeMeHeM o6ecrieqHTb B03MOJHOCThMe)KperHOHanJbHMIX paCqeTOB. 1leHTpaJibHbIf 6aHK MOxKeT 6e3 Tpyga agarITHpOBaTm H

56

MOAH4bHLIHPOBaTb CTaHaPT6TbI, HCIOJI6b3Y1OLuHeCSA B CTpaHax EC, ,jA oTjiaCKHBaHHA

KJIHPHHrOBbIX niiaTexKel 3a rpaHHuy H pacqeTOB.

5.40 KaK TOIIbKO nojiyqaT IIoJIHoe riPH3HaHHe IaCTHbie pacteTHbie UleHTpbI H 6yxIyT

ripHHSTbI cTaHgapTbI, LteHTpaJIbHOMy 6aHKy ciexgyeT q)opManH3OBaTb npoue,gypy

6yxra.wTepCKoro yieTa H PaCqeTOB. 3TH H3MeHeHHA 6yyrHT HMeTb CePbe3HbIe noCJIe,CTBHA.

OH4 6yxYT CTHMYJIHpOBaTb C03XaHHe MeCTHbIX paC'eTHbIX yqpexgJeHHh B KpyIIHetuiHX

4HHaHCOBLIX ueHTpax. OHH TaK)Ke 6ygyT crioco6CTBOBaT6 TOMY, tqTO KPYHIH6ie

KOMMepteCKHe 6aHKH, HmeiouLiHe TeXHHteCKH 6onee COBepIIieHHyio 6a3y, 6ygyr

npeAnaraTb KflHPHHrOBbIe H pacqeTHbie ycjiyrH 6o0ee MejfKHM 6aHKaM. 3ieMemHTb

BHyTPH6aHKOBCKOft ceTH OCTaHYTCSA aCTbIO ceTi 6aHKoBcKHx ycjiyr, a MexKperHoHanbHLIe

3neMeHTbI 6yAyT BXOX1HTb B COCTaB perHOHaJibHOrO pacqeTHoro LAeHTpa. UeHTpaJbHOMY

6aHKy OTKpbITbI JIHIIb me)KperHOHMbHbie CTaTbH HJIH cTaT6H, no KOTOPbIM OHa H3 CTOPOH

npe,AnoqHTaeT HCnOJIb3OBaTb npH pacreTax ycjiyriH [eHTpajibHoro 6aHKa. rIOCKOJbxKy

60JIbI6UHHCTBO flJIaTe)KHbIX nOpyqeHHI HMmeeT BHYTpHIpeFHOHaJI6HbIU xapaKTep, o6beM

nJIaTeJKeH, npoXOXIMLHX ' qepe3 1leHTpaJIbHbIH 6aHK, 3HaqHTeJIbHO COKpamaeTCq, 9TO

peuiaeT npo6neMy OxHOrO H3 CaMbIX y3KHX MeCT B o6pa6oTKe niiaTe)KHbIx AOKyMeHTOB.

KpoMe Toro, pa6oTa rinaTexKHoh CHCTeMbI 6y,AeT rioCTaBJIeHa Ha KOHKypeHTHyIO OCHOBY.

5.41 Co3AaHHe MeCTHLIX IaCTHbIx paCqeTHbIx LeHTPOB MorKeT nPHBeCTH K rIoABJIeHHIo

TOJTKO pacgeToB no OCTaTKaM. BBegeHHe 9TOfi ripaKTHKH Tpe6yeT 60nbmo0

OCTOPOXKHOCTH, nOCKOJILKY TaKa5 npaKTHKa Tpe6yeT )KeCTKorO KOHTPOJIS 3a ynpaBJIeHHeM

pHCKOM B AOHOJIHeHHe K cygeCTBYIOMM npogegypaM. Kaxgas TOtqKa paCxieTOB B

KJIHpHHrOBOII Lxenr rpeAcTaBjiAeT co6of4 riOTeHUHajibHbIf HCTOqIHHK OIlIH6oK. rIOCKOJIEKy

UleHTpaJhH6IM 6aHK CTaHOBHTCA yLaCTHHKOM BCeM orepaLuHH TOJIbKO B MoMeHT

ocyigeCTBneHHA OKOH'aTeJIbHOrO pacqeTa, AoJIcHa 6bITb pa3pa6oTaHa KeCTKax npoigexypa

KOHTPOJIS H oTcJIeiXHBaHHA CHCTeMHbIx pacteTHbIX PHCKOB, CBA3aHHbIX C 9THM nporieccoM.BcjieACTBHe 4cHHaHCoBof c.Ia6ocTH 3HaiHTenjbHoro 'HCJIa pOCCHfICKHX 6aHKOB npoLiexypbI

ynpaBjieHSH PHCKaMH XAOJIKHbI 6b1IT pa3pa6OTaHbI H BHeApeHbI AO BBeAeHH[ yKa3aHHoH

CHCTeMbI paCqeTOB.

5.42 ABTOMaTH3aiHMH, oni4pamILaUCS Ha siieKTpOHHYIO 4DOpMy ocyngeCTBjieHHA

riepeBoXgoB, AOJIKHa cTaTb iepcrieKTHBHbIM HaipaBjieHHeM pa3BHTHA pacqeTHof cHcTeMbI.

rlepeAaioigHe MOIILHOCTH XJIA OCYLUeCTBjieHHMA nJIaTeKefC B 9nieKTPOHHOUI (PopMe ABJIAIOTCS

6oJIee HaAeJKHbIMH H MeHee 3aTpaTHbIMH C TOxIKH 3peHHA HX CO3,gaHHM H 3KcnJIyaTaLHH,

qeM TpaHC1nOpTHbIe cpeACTBa, Heo6xoAHMbIe AJIA c1H3HqeCKOH AOCTaBKHI nIiaTexcHbIX

XAOKYMeHTOB B 6yMa>KHOft qPopMe, OCO6eHHO B TaKOfi 06IIHPHOU CTpaHe, KaK POCCw1. HXTaK)Ke Jierqe OTCJIeAHTb B uieji,x aYXHTOPCKOrO KOHTpOJIA H, 6iiaroAapA teTKHM rpa(cHKaM

nepegRatH c nOMOubiO 3iieKTpOHHbIX Cpe,gCTB, KOHTpOJIb BpeMeHHLIX HHTePBanOB Mexy

o0)opmneHHeM AOKyMeHTa H COBepmeHHeM niiaTexKeit 6ygeT o6iiertieH.

5.43 Pa3pa6oTKa H CO3XIaHHe paCteTHoHf CHCTeMbI B POCCHHE nOTpe6yIOT

3HaqHTeJIbHoro mexyHapOAHoro 4HHaHCHpOBaHHA H TeXHHYeCKOUf nOMOiH. BCeMHPHbI6I

6aHK, MBO H ARpyrHe MexKAyHapOxAHbIe opraHH3aL1Hu MOryT Mo6HJIH3oBaTb 3HaqHTejThHbIII

MHPOBOEr OnbIT H 3HaHH5 C L]enbIO OKa3aHHA nOMOiH UteHTpaJbHoMy 6aHKy POCCHH H

57

pOCCHHCKOA 6aHKOBCKOHI CHCTeMe. Mex 1yHapOXHbIf4 OnbHT nOKa3bIBaeT, qTO TeXHOJIOrHAHe AOJIX(Ha CTaHOBHTbCSI OCHOBHOH ABHXKyLUeH CHJIOH ipOeKTa, HOKa He 6ygeT C03gaHa6ojiee CJIO>KHaA H 9c"eKTHBHax HHc1HpaCTPYKTypa, BKJIIOqaA IioAcKHe peCypCbI. CKOPOCTbH CJIO)KHOCTb MOryT 6bITb meHee BaiKHbIMH cDaKTOpaMH, 'eM HaAe>KHOCTb H nIpOqHOCTbCHCTeMbI B uej1oM. BaJKHbIM cjaKTOpOM ycnexa 6ygeT o6ecneteH4e Heo6xoAHMbIxqejIoBeqeCKHx pecypCOB xAJI pa3pa6oTKH H 3KCnJIyaTagJHH CHCTeMbl Ha nOCTOSHHOH OCHOBe.

CTpaXOBaHiHe BKAIafOB

5.44 3aKoH 0 6aHKax H 6aHKOBCKOH XAeATeJIbHOCTH npeAycmaTPHBaeT Co3gaHHeCHCTeMbI CTpaXOBaHH51 BKJaIOB H npeArnHCbIBaeT UeHTpajibHOMy 6aHKy pa3pa6oTaTmKOHKpeTHbIe nIapameTp1I 9TOH CHCTeMbi. CTpaxoBaHHe BKJIaJOB 11 CBoeH CYTH ABjS1eTCSCpeACTBOM nepeHOca y6bITKOB, B03HHKalO1lHX B pe3yjibTaTe 6aHKpOTCTBa 6aHKa. TaKHey6bITKH, KaK rIpaBHno, riepeHoCATCA C KOHKpeTHbIX BKRagqHKOB Ha CpeqCTBa 4oHga,KOTOpbI o66bIqHO C03XaeTCM 3a Cx1eT CTpaXOBbIX B3HOCOB yqaCTBYIOIHX B HeM 6aHKOB. BOTgeJI6HbIX cJIyqaqx qaCTb TaKHX y6bITKOB MoxKeT fIOKPbIBaTbC6 H3 610oXeTa HMJI 3a cqeTCpeACTB IeHTpaabHOro 6aHKa.

5.45 B Hiojie 1991 r. UeHTpajIbHbIH 6aHK Haqan HPHHHMaTb OT KOMMepqeCKHX6aHKoB CTpaXOBbIe B3HOCbI 110 BKjiaaM H 3aqHCnsiTb HX B ()OHA, KOTOpbIiI B HacToAIgeeBpemr rIpeACTaB MeT co6of cqeT B UeHTpa.bHOM 6aHKe. 3Ta nporpamma go CHX nopoKoHqaTejibHo He pa3pa6oTaHa, OArHaKO xejibio ee S1BimeTCS o6ecnesHTb HOJIHYIO 3alTyBCeX BKJagqHKOB o6aHKPOTHBLHXCA KOMMepqeCKHX 6aHKoB. BnonHe BepOSTHO, qTOUIeHTpaJIbHOMY 6aHKy npHXAeTCA BbiHOJIHMTb 06A3aTenbcrBa no BceM BKna,AaMo6aHKpOTHBInHxcsI 6aHKOB B o6'beMe, npeBbIlIIaOiLeM CyMMy, aKKyMyjiHpOBaHHyIO HaCTpaxOBOM cqeTy KOHKpeTHoro 6aHKa. B 9TOM cjiyqae He HCKJIIoqeHO, qTO B YCJIOBHAX(DHHaHCOBOrO KPH3HCa UeHTPaJbHOMy 6aHKy npUHeTCS OKpbIBaTh BBCbMa CyigeCTBeHHbIey6M6TxH.

5.46 Eiie 0HO npo6JieMOH HbIHeUIHer0 nooAxoAa ABjiSeTCA TO, 'TO OHOXHOBpeMeHHO npegoCTasBJTeT nOJIHYIO 3aUiHTy BCeM BKMaAIMKaM o6aHKpoTHBmerocA6aHKa H ripeAripHATU14M, ABJISAIOIIHMCA Co6CTBeHHHKaMH 6aHKa, T.K. OHH o6bIqHO TaKYKeHMeIOT KpyflHbIe XgeIO3HTbI. Me)KAy TeM, HeKOTOpbIe BjiageJlbUbI 6aHKa MOryT 6bITbHeIIOCpeACTBeHHbIMH BHHOBHHKaMH Kpaxa H3-3a oUIH60K B ynpaBJIeHHH H COMHHTeJbHblXcAejiOK.

5.47 J1IA Toro, qTo6bi CBeCTH K MHHHMYMY HOTeHixHJahHbIe y6LI6K, CTpaxOBaHHeBKJIagOB AOJIKHO OrpaHHqHBaTbCM OTHOCHTeNJHO He6OJThbHMH BKnagaMH, 'TO Ha 11paKTHKe11pHBeJIO 6b1 K CTpaXOBaHHIO JIHUIb BKJIagOB gOMalUHHX X03AACTB H MejiKHx ripeAnpHAlTHH.TaKaA CHCTeMa BbIHOJIHAiia 6bI 4(yHKIUH1O COLuHMJabHOrO o6ecIfeqeHHA, orpaxAaA AoMamHHeX033IHCTBa OT Cepbe3HbIX y6bMTKOB, KOTOpbIe MO)KeT IIOHeCTii 6aHKOBCKaA CHCTeMa. MejiKHeBKJIaJUIHKH He HMeIOT HH 3HaHHfU ARx Toro, qTo6LI oueHHHTL niaTexKecnoco6HOCTb 6aHKa,HH B03MO)KHOCTH BJIHSITb Ha 6aHKOBCKYMo HOJIHTHKy, B TO BpeMA KaK KpyriHbIe BKJIa8qHKHHJIH aKIUOHepbI gOJUKHbi 6bITb B COCTOSHHH OUeHHT6 cHjiy 6aHKOB H B03XeUiCTBOBaTb HaHX KpeAHTHyO nOJIHTHKy. OrpaHlH'HB 3aUlHTY BKJagOB JIHIUb MejiKHMH BKnaAqHKaMH,

58

CHCTeMa TaKHiM o6pa3oM He pacnpOCTpaHiiacb 6b1 Ha Tex, KTO Mor 6bi CTaTb KepTBOPI

"MOpaJIbHoro rIoTpAceHHM"; OXHaKO B ee paMKax BKAaax'IHKH KOMMep'ecKHx 6aHKOB

rIOJIy'IHJIH 6bl TOT xKe YPOBeHb 3auEiTbI, KOTOpbIHf yWKe AOCTyneH gOMaHUHHM xo3MAcTBaM,

xpaHAugM CBOH c6epe>KeHAs B C6ep6aHKe, 6naroxgaps rocyaapCTBeHHbIM rapaHTHMm

BKJI3aOB.

5.48 KaK yKa3bIBajiOCb B FnaBe 4, cTpaxOBaHHe BKjia,OB AgO0JKHO npeWLABASTh pa3HbIe

Tpe6OBaHHS K BMC H He-E)MC. EcJIH BCeM 6aHKaM 6ygeT pa3peimieHo ccyXKaT6

3aCTpaXOBaHHbIe 4IHHaHCOBEbIe pecypcbi gaOMalHHM X03AfiCTBaM, BMC AOJIXHbI HniaTHTE,

6onee HH3KEHe CTpaXOBi6Ie B3HOCE6I. Bo3MoxceH H ARpyro4 nogxoA: OT 6aHKoB, He

COOTBeTCTByIOIgHX YPOBHIO B3MC, MOJKHO nOTpe6OBaTb rioMeueHIs 3acTpaxOBaHHE6Ix

(pHHaHCOBbIX pecypCOB Ha cIeT B UleHTpajibHOM 6aHKe, rO KOTOPOMY BbIIIiaqHBajcSC 6bl

HH3KHH lpo:ueHT, JI160 BJIO)KeHH 9THX CpeXCTB B rocygapCTBeHHEi6e UeHHLIe 6yMarH.

5.49 rlpaBHJEInHO nOCTpOeHHaA CHCTeMa CTpaXOBaHHM BKjia,gOB mornia 6bI

crioco6CTBOBaTb pa3BHTHIO KOHKypeHL}IH B POCCHEQCKOM 6aHKOBCKOM ceKTope H ero

o6igeMy yKpenIIeHHIO. YnpaBneHHe CHCTeMo1i CTpaxOBaHHS Tpe6yeT 6On,bmof

OCTOpO)KHOCTH, IPHHHMaSA BO BHHMaHHe BCe rIPOTHBOpeqHBbIe H BaXHbIe C 4EHHaHCOBOfI

TOKKH 3peiHNX pHCKH. CHCTeMa XORfKHa 6bETE KaK MOKHO 6onee KOHCepBaTHBHOEi, ee

pa3BHTHe AOJIXHO 3aBHCeT]b OT ycnIeIIHOCTH: (a) BHeApeHHA 934x1eKTHBHOf 6yxrajiTepcKoit

OTxeTHOCTH H aygETa H (6) pa3BHT1SI peanJbHOI cHoco6HOCTH leHTpaJMbHoro 6aHKa

OCyileCTBJASITh6 4yHKiAHH peryJIHpOBaHHA, HaA3Opa H BMeiUaTeNJICTBa B 6aHKOBCKyIO

CHECTeMy.

59

6. OTPACJIEBOE KPEJIHTOBAHHE

6.1 B ,aHHOA rnIaBe aHaJIM3HpYlOTCA cneLgH4)HqecKHe 4(HHaHCOBbie HoTpe6HocTH BTpex o6niacTAx resATeJIbHocTH, a HMeHHO, B c4bepe gOjirOCpOqHBIX HHBeCTHRHf1, XMHJHOMceKTope H CejibCKOM XO3AhCTBe. AHariH3HPyIOTCS KOHKpeTHbIe ripo6ieMbl KaxKgOfi H3 9THXOTpaCJiefU H BnHHHe HbIHeUIHHX YCJIOBHf Ha HX nOTpe6HOCTb B 4)HHaHCHpOBaHHH H HXAOCTyn K KpeXHTaM. B 6oJInbHHCTBe pa3BHBaIoUXCA cTpaH cyIeCTBY1OTcrieiwaJ3HpOBaHHbie cHHaHCOBbIe ytpexK,eHHA, OpHeHTHpOBaHHbIe Ha KOHKpeTHbIexapaKTrepHcTHKH xgaHHbIX oTpacIieH. B XgaHHOf rniaBe rioAqepKHBaeTCA Heo6xoAHMocThC03gaHHA TaKHX yqpeXceHHf{ B POCCHH.

B03HHKHOBeHHe 6aHKOB pa3BKTHS H dmHaHCHpOBaHHe HHBeCTrHUH

6.2 YPOBeH16 KaHHTaJIOBJIOxKeHHII B POCCHH C 1990 r. CHK3HRIC HpHMHepHOHanonoBHHy. B pe3yJibTaTe, oTpacJIi, HPOH3BOAs1UiH OCHOBHbie cpe,gCTBa, HecyT 6o0bjuneH3AeP.)KKH B xoge KOppeKTHpOBKH K YCJIOBHAM HOBOif cHTyatwH, CTaBSA nO yrpO3YB03MOXCHOCTb CTpyKTypHOfI nepeCTpOAKH 3KOHOMHKH. B 3HaqEHTeJIbHOrI mepe 9TOCHHxKeHHe HHBeCTHLIHOHHOH aKTHBHOCTH o6'sAcHAeTcs H3MeHeHHAMH ciTpoca. HH4)AIUU,3HaqHTeRJbHaS HeCTa6HjrbHOCTh OTHOCHTeJIbHbIX geH JIHUM]b qacToe npHBegeHHeoTHocHTeJTbHHbIX geH Ha TOBapbI BHeLUHerO o6opOTa K YPOBHIO MHpOBbIX LxeH 3HaqHTejIbHOOCJIO)KHAIOT H xejiaioT PHCKOBaHHbM ripoiecc npHHAIH ripeMipHrHAMMH pemeHHik noHHBeCTHUHOHHOf1 nOJIHTHKe Ha OCHOBaHH1 pacqeTOB riaHHpyem fIpH6 ,IIH& . KpoMe

MToro, o6iuee CHHKeHHe IIpOH3BOACTBa HpHBeJIO K nOqBjieHHMO H3JIHIHHX MO1JHOCTefk BpAge oTpacIieH, TO, rio KpaHHeH mepe Ha 6niHxcafIy1O nepcneKmBy, cHHxcaeTHeo6xoXIHMoCTh B HHBeCTHIJAX C geJIb1O HapaWlBaHH HPOH3BOXCTBeHHbIX MOuIHocTefi.OxKguaeTc3, TeM He MeHee, WTO npoilecc peopraHM3aiH H mo ePH13auHH rpegnpHsR=HInpHBegeT K CyUReCTBeHHOMY POCTY cnpoca Ha HHBeCTHgHH nocnie cTa6HJTH3agHH9KOHOMHKH.

6.3 tIacTHiHo cHHHxeHHe HHBeCTHIIHOHHofI aKTHBHOCTH o6i,AcHAeTcs TajoKenageHHeM npeAnjoxKeHHS HHBeCTHUHOHHbIX pecypcoB. (PHHaHCOBoe nojioxKeHHe6OJILbLHHCTBa ripeHnpHATHZ yXyAUUHIOCCb, 9TO npHBeJIo K COKpaXleHHIO B03MO)KHOCTeH4)HHaHCHpOBaHHM KaIIHTaMOBJIOJKeHHH H3 HepacrIpegenIeHHOR IIpH6bIjiH. KpoMe TOrO, B1TpOUIjIOM pegpIIHATHA 6bInH o6A3aHbI OTtIHCJIMTb xiaCTb CBOHX AOXOAOB BaMopTH3aUHOHHbie H HHBecTHIHoHHbie (OHbiI, 3a cqeT KOTOpbIX AO0JKHa 6bInaYXOBJIeTBOPATbCA OCHOBHaM taCTb HX HOTpe6HOCTeU B KanIHTaJToBJIoKeHHIx. BCOOTBeTCTBHH C CyigeCTBYOIUHMH nojio)KeHHAMH, npegipHATHAS MelOT 6o0IIIyuO CBo6o;xygeUCTBHf1 B HC11OJIb3OBaHHH CBOHX npH6bIJIef4 XULX OTqHCjieHHA B yKa3aHHbie qOHxbI, nuIH6ogi gpyrHx ueneiie, HanpHMep, Ha nOBbIIIfeHHe 3apa6oTHo rinnaTI. rocyAapcTBeHHoe4HHaHCHPOBaHHe HHBeCTHUHfI, KOTOpoe B pOIIUJIOM 6blIJO OCHOBHbIM HCTOHHKOMBHeInHero clHHaHicHpoBaHHx, Bce 6o0iee coKpaugaeTcA B pe3YJbTaTe 6iogxeTHbIXorpaHHqeHHf. B TO xe BpeMM HOBbIe KOMMept.eCKHe 6aHKI eiie He B COCTOAHHH OieHHTbHHBeCTHL1HOHHbIe npOeKTbI H 4¢HHaHCHpOBaTb UX Ha OCHOBe OieHKH HX nnaHupyemouripH6mjiH. Bonee Toro, xgaxce Te KOMMepqeCKHe 6aHKH, KOTOpMie 6bu1H 6bI rOTOBbIIPOpH4HaHCHPOBaTb HHBeCTHUHH, He CKJIOHHbI rpegAOCTaBJIMTb cpejHecpoqHbie HJIH

60

AojIroCPOqHbie CCYblI, nOCKOJIbKY B HBIHeIIIHHX MaKPO9KOHOMHRIeCKHX YCJIOBHSIX OHH He

MOrYT HX (DHHaHCHpOBaTh 3a cteT AOJIrOCPO'qHbIX pecypCOB.

6.4 Xii peiueHHA npo6iieM, CBS3aHHbIX C rPieXOKoeHHeM (bHHaHCOBBIX peCypCOB,

peKOmeHgyeTCA CO3XaHHe 6aHKOB pa3BHTHA. FIx POjib MOriia 6bI COCTOSTb B TOM, wTO6bI

nOBbICMTb YPOBeHb HHBeCTH1UHOHHO4 aKTrHBHOCTH B CTPaHe H o6ecneHTwB HOBBIe,

PbIHO'IHbIe KaHaJIBI pa3MemeHHA HHBeCTHUHOHHBIX peCypCOB. rpaBHTeJThCTBa 3apy6exCHbIX

CTPaH H meyHapOgHBIe 4HHaHCOBLie yqpexcA,eHAs BbIpa3Hj1H rOTOBHOCTb nIOMOqb B

bHHaHCHPOBaHHH HHBeCTHUHf4 B POCCHH, O,IHaKo XIA 9TOrO HeO6XOAHMO CO3AaHHe

HHCTHTyTOB, KOTOpbIe MOrJIH 6bI 9c14ceKTHBHO yripaBJATh 9THMH PeCYPCaMH H CnYxHT

rioCPeAHHKaMH B HX pa3MemeHHH. I4MeHHO TaKYIO poJIm MorJIH 6bi cbirpaTm 6aHKR

pa3BHTRA1.

6.5 AJ1Ba 6aHKa Pa3BRTHA oPraHH3YIOTCX Ha 4PegepanJIbHOM YPOBHe: POCCRR4CKHR 6aHK

peKOHCTPYKIRH H Pa3BHTMST (PEPP) H POCCHfCKi4A 6aHK 4)HHaHCHPOBaHHS ripOeKTOB(PBEDrl). PAr 6aHKOB Pa3BHTHM TaK)Ke CO3,gaeTCA Ha YPOBHe aBTOHOMHE,IX pecI'y6nMK H

perHOHOB . BaHKH pa3BHTHA OTJIHRaIOTCs OT KOMMepqeCKHX 6aHKOB no p3uAy

napaMeTPOB, oco6eHHO C TOIqKH 3PeHHA HX 3a,gaq, KOTOPmeI COCTOAT B RHaHCHPOBaHH

cpe,RHecpOxHEIX H AOj1rOCPOt1HbIX HHBeCTHiMHH. KaK npaBHJIO, 6aHKH Pa3BHTHA He

ripHBjieKaEOT c6epe)KeHHf XOMalI1HHX X03AACTB H He nPeXOCTaBJISIOT nlOJIHOrO Ha6opa

6aHKOBCKHX ycnyr. 06bIqHO 6aHKH pa3BHTRA Co3ga1OTCA rio HHHUHaTHBe rocyxapcrBa H

ripH ero 43HHaHCOBOR 11o0epX(Ke, ytaCTHH B KanHTan1e H KOHTpOjie. KpoMe

rOCYXRaPCTBeHHbIX CpeACTB, B 9TH 6aHKH ROJIX<HbI nPHBj1eKaTbCA AROnOJIHHTenJHBIe 3aeMHbIe

H co6CTBeHHbie cpexCTBa pOCCHHCKHX npeAripHATHU H KOMMepqeCKHX 6aHKOB a TaK)Ke

HcnOJIb3oBaTECA 3apy6e)KHbIe HCTOqHHKH, BKji1OqaA BCeMIIpHEIRi 6aHK, EBPP HABYCTOPOHHHe opraHH3aLjHH.

6.6 XITO KaCaeTCA pa3metgeHHA HHBeCTHL1HOHHoro 4)HHaHCHPOBaHHMZ, HHHIXHaTOpE I

CO3AaHHs H opraHH3auKH 6aHKOB Pa3BHTHS CIHTaIOT, qTO 9TH B onpegeiieHHOiR CTeneHH

OTXeZjeHHBIe OT rocy;xapCTBa ytpexKgeHA 6yxyT B MeHbLeH CTeIneHH rIoBepxKeHbI

nOJIHTHtIeCKOMY AaBj1eHHIO, tqeM HEIHeIHLHA CHCTeMa, KOTOpaH noAgep)KHBaAa

HHBeCTHHOHHyio aKTHBHOCTb, B repByO oqepegb 3a cqeT 6iowKeTa H ileHTpaJIH3OBaHHLIx

KpeAHToB. OXCHXaeTCSA, t TO, 6yAyYiH CO3XAaHbI KaK KOMMepqecKHe y"pexKgreHRs, 6aHKH

pa3BHTKA 6ygyT HMeT6 6oJIbiue CTHMYJIOB AJIA pa3MelleHHS (RHHaHCOBbIX CpeACTB B

COOTBeTCTBHH C KPITepH5IMHi npIH6bIJIbHOCTH.

6.7 PBPP OPraHH3YeTCA rio HHHgiHaTHBe POCCHHCKOrO rPaBHTejibCTBa.OpraHH3arlHoHHbIif KOMHTeT pa3pa6oTaI KOHLi]erimiO, cornacHo KOTOpOR PBPP 6ygeT

npeAoCTaBBATb HIHPOKHH Ha6op 6aHKOBCKHX YcnIyr B o6naCTH npOeKTOB pa3BHT14,

BKJIIOqaA npimoe KpeAX4TOBaHH4e nIpegIpHTHA B Ba)KHehLHX OTpacJiAx a TaKxce Ma8Ibix

18. KpoMe6aHKoBpa3BHTHA, Co03aeTcA H p-RAHHBeCTHLHOHHLDX cpOHAOB, BKJIIOtaS rocyAapCTBeHHy1o

HHBeCTHUHOHHYIO KOpnOpaUmio, rpOMBIwneHHbIA HHBeCTHLHOHHBEJ 4COHJ H POCCHUCKYIO 4UHMHCOBYIO

KOpfOpaLHio. 9TO 6yIyT He6aHKOBCKHe yMpexKAeHsA, 3agaua KOTOpbix 6yAeT COCTOATb B HanpaBneHHH

4CHHaHCOBLIX pecypcoB Ha nOAAep)KKy mHBeCTHLUHA.

61

H CpeXHHX HpegnpHTHHi, KpegiTOBaHHe KOMMepqeCKHX 6aHKOB C TeM, qTO6bI OHH, B CBOIOoqepegb, npeIoCTaOBJ51JIH Kpe,HTbI npegnpHATHAM (6aHKoBcKHe onepagmH THna "KaCKa,g",H3BeCTHbIe KaK AIIEKC), a TaKxce lOMOuiib 11peInpHITHAM B nIOjiyeHtHHH 4)HHaHCHpOBaHHAHa KOHKpeTHbIe ripoeKTbi. B 9TOM OTHOIIIeHHH OpraHH3aUHOHHbIri KOMHTeT 6epeT 3ao6pa3eix BaHK pa3BHTHA IonurnbH. B PEPP npegnonaraeTcs yt acTHe rocygapcTBa, oAHaKo6OJIbUIHHCTBO aKiLEHH 6aHKa XOJUKHbI HaXOAHTbCS1 B qaCTHbIX pyKax. flocne Haqajia cBoefigeMT3febHOCTH PBPP pacCHTbIBaeT npHBjeq]b OT 100 Ao 200 MJIH. gornapOB 3a CqeTBbi6iyCKa aKiLHf4. 1OJ1OxKeHHM, KacaIoIIecs npiBHJIeqeHHS 6aHKOM 3aeMHbiX CcpegCTB HcooTHomeueH Mexcgy o6sI3aTeamcTBaMH H KarHTanOM, a TaKxe KpewRToBaHHe nonpHHgHny KaCKa,ga, HIH n4paMH)TbI (AnEKC) B OTjIHqHe OT npAMOrO KpexHTOBaHHA,HaXOXIR5ITCS B CTaRMH paCCMOTpeH145. CiiegyiotiHe 3TanIi Co3gaHHA PBPP BKJIIOqaIOT B ce6sero perHCTpaLXHlO B Ka'eCTBe iopHgHweCKOrO iHLga R 6aHKOBCKoro yqpeXCgeHHA,COCTaBjieHHe 6H3Hec-riRaHa H pacripOCTpaHeHHe HOXHHCKH Ha ero aKU=HH. rIpeXCTOHTpeUIHTb PAI BaXHbIX BOrPOCOB, BKj1OM1aA BOIIpOCbI Co6CTBeHHOCTH, KOHTpOJIA, CTpYKTYPbIKanHTaIa, o0LeHKH cnpoca Ha 3afIMbI, B3aHMOOTHOIIIeHHA c 6aHKaM-KJIIHeHTaMH (B paMKaXcHcTeMbI AIIEKC) B KOHTeKCTe cna6oCTH 6aHKOBCKOh CHCTeMbI H OTCYTCTBHA"6naropa3yMHoro" peryJIHpOBaHHA H B paMKaX o6IAHx npHOpHTeTOB AeATeJI6HOCTH.

6.8 IIocnie HeCKOJIbKHX IieT noXrOTOBHTeJIbHOH pa6OTbI B Hosi6pe 1992 r. 6bmJI Co3gaHPBDr. OH nOSIBHJICA B pa3BHTHe HHHJHaTHBbI no Co3,aHHIO 6aHKa pa3BHTHI H4HHaHCHPOBaHHA npOeKTOB, C KOTOpOA BbICTyHHJI CHaqaJIa roc6aHK CCCP, a 3aTeMLteHTpajr6HbIi 6aHK POCCHH. Ero 613Hec-rinaH 6b1J1 pa3pa6OTaH c noMoiilMo 4DoHgra Hoy-xay, EC H EBPP. I1sTb1eCAT OAI4H npOlUeHT nepBOHaqaJIbHOrO KarIRTaJIa, 9KBHBaJIeHTHbIH6 MJIH. AonInapoB, 6bim npegrocTaBieH EBiPP, H 16 npOpoeHTOB 9TOA CyMMbi pa3MeweHO BTpaCTOBb111 (pOHX J;IA COTPYXHHKOB PEIDrI. BOJIbuylO qacTb OCTaJIbHbIX 49 IInOpeHTOBKanHTaIia npe,ocTasBHJIH poccHHcKHe KOMMepqecKHe 6aHKH. B OTJIHqHe OT PBPP, PB4DrHe co6HpaeTcA 3aHHMaTbCA KpeAHTOBaHHeM no npHHUHIny ArlEKC. Ero pm3BHTHeIIJIaHHpyeTCA B TPH 9Tana. Ha HaqaJbHOM Tane, no MeHmIuef mepe X0 KOHIa 1993 r., OH6ygeT pa6oTaTb KaK TOprOBbIl 6aHK, npegoCTaBssA KOHCYJnbTalHOHHLIe ycJ1yrH B o6JIaCTH4HHaHCHPOBaHHA npOeKTOB H peopraHH3aI1 npegnpHMTH. BaHK nniaHHPyeT nony'aTmKOMHCCHOHHbIe 3a OKa3aHHe 9THX ycJIyr H OpraHH3a4H10 4)HHaHCHpOBaHHA npOeKTOB CBOHXKJiHeHTOB. B xogae BTOporo 3Taria, ocy[UeCTBjieHi4e KOTOpOrO TaKwKe 3af!MeT OKOIro roga,6aHK 6yxeT OCyigeCTBJIATb inpAmoe KpegHTOBaHHe B He6OJIbLuHx MaCIllTa6aX B xaqeCTBeareHTa XpyrHX 6aHKOB, HanpHMep, EI3PP. JIHIlib nocne sToro P ND nioIbITaeTcAyBeJIH'{HTb CBOH KanHTaJI gO 100 MJIH. ,oJIJIapOB H 6onee H 3aHSATbCA KpynHbIMHKpegHTHbIMH onepaui5Mm.

6.9 BceMIIpHbIf4 6aHK HMeeT 6oJIbIlUOfi OnIbIT Kpe14HTOBaHKA 6aHKOB pa3BHTH[ Hpa6OTbI C HH4MHI BO BCeM MHpe. MHoroqHcneHHbIe aHTHqec K CCHcegOBaHH xaHHOrOHaripaBneHH5 geXTeJSITHOCTH BceMHpHoro 6aHKa H gpyrHX yqpex(ceHHf noKa3EIBaeT, qTO3aqaCTylo 6aHKH pa3BHTHM He HMeIOT ycnexa HH B nIOBbIIueHHH o6igero YPOBHSHHBeCTH4HH, HH B 344eKTHBHOM pa3MelUeHH4H cHHaHCOBbIX peCYPCOB B KaqeCTBenocpe,HHKoB. HaH6ojIee UIHPOKO pacnpOCTpaHeHHOH npo6JieMoh SBjiSeTCA BbICOKaA AOJISCOMHHTeJIbHbIX CCYA H CBA3aHHOe C 9THM TPYWOHe 4HHaHCOBOe nOJIO)KeHme caMHx 6aHKOBpa3BHTHA. KaK npaBHjiO, nIpHqIHHOH 9THX TpyAHOCTeH MBJISieTCq nlOJIHTHqeCKOe

62

BMeIUaTeJIThCTBO B peuieHils 0 ripegOCTaB3ieHHH KpeAHTOB, HeAoCTaTOK IIpO41eCCHOHajIH3Ma,

HH3KHf ypOBeHb HaA3Opa 3a HcroJIlb3oBaHHeM KpeARTOB, a TaK)Ke HeyAOBJIeTBOpHTeIbHLIfi

HaA3OP 3a 6aHKaMH-KpeAHTopaMH B pamKax AeSTenJTHOCTH IO InplHIHIIIy ArIEKC. 9THnpo6ieMbi eige 6ojiee 06OCTpIOTCAS B YCJIOBHAX MaKpO0KOHOMHqeCKOfi HecTa6HRbHOCTH

a TaK)Ke B TeX cJIyqagx, KorAa KpeAXHTbI ITpe,XocTaBJISIOTCA no 3HatIHTeJThHO

Cy6CHA14pOBaHHbIM rpOieHTHbIM CTaBKaM. CyUeCTByIOT TaKxce CBHAeTeJI,CTBa, WTO

AesITeJbHocTh 6aHKOB pa3BHTHS 3aqacTylo TOPM03HT pOCT qaCTHoro )HHaHCOBOro ceKTOpa,TO eCTh, PEIHKOB KanHTTaiiaH HHBeCTHUIHOHHOH AeSATenJbHOCTH KOMMepqeCKHX 6aHKOB.

6.10 B CHjiy 9THX ripHqHH BceMHpHMI 6aHK B HacToAmee BpeMg peKOMeHAyeT, woT06

6aHKH pa3BHTHA 6bIJIH B03MOKHO 6o0iee He3aBHCHMbIMH OT ripaBBHTeJlCTBa H qTO6EbI OHH

coCpeAOTO'HJIH CBOH YCHJIHSA Ha Kpe,WTOBaHHH THna AHEKC, B paMKaX KOTOpOrO

OCHOBHaS qacTE, rpAMbIX KpeAHTOB npeAocTaBjs1eTcA KOMMepqeCKHMH 6aHKaMH. BaHKH

pa3BHTHAS AJODKHbI TaK)Ke CBeCTH K MHHHMYMY BbiAeneHHe KOHKpeTHbIX OTpacZieE B

KaqeCTBe nonyqaTeiie KpeAirTOB, OCTaBJIAA TaKHe peiieHHA Ha yCMOTpeHHe pBIHKa. OHHAOJIKHbI OiAeHHBaTb ripOeKThI HCKmiOqHTeJIbHO Ha KOMMepqeCKOf4 OCHOBe, rPHHHMaSA BO

BHHMaHHe KpeAHTOcriOCO6HOCTE6 3aeMIUIHKOB H O)KxHARaeMyO npH6LI6iB OT peajIH3auHH

rpoeKTOB, a TaKJKe yCTaHaBJIHBaTE, CBOH iIpOqeHTHLIe CTaBKH Ha pbIHO'IHOM ypOBHe.

fIloIHTHKa BceMHpHoro 6aHKa TaK)Ke COCTOHT B TOM, IqTO66I He peKOMeHAOBaTi.

KpeAHTOBaHHe 6aHKOB pa3BHTHS -- 9TO KacaeTCA KaK 6aHKOB "KaCKaAHOrO" KpeAHTOBaHHA,

TaK H 6aHKOB, HeIIOCpeXCTBeHHO BbiAaiOI1HX KpegHThI, -- B YCJ¶OBHAX

MaKpo3KOHOMH'qeCKOf HecTa6HJThHOcTH. B riepHOATI BbICOKO1I HH(H4IAUHH oxIeHH

KpeAHTOcriOco6HOCTh ripeX1pmTHA H HHBeCTHgHOHHbIX nIpOeKTOB Beci6Ma CjiOxKHO, aCTpyKTypa 1pOileHTHBIX CTaBOK, KaK npaBBHO, B 3HaqHTejThHOH mepe 4CKa)KeHa. B CHJIY

9THX rIPHqHIH nPOABHxKeHHe K CTa6HRH3aqHH H yperyZHpOBaHHIO OTHOCHTeJ1bHbIX geH

MBJiLeTCA HeO6XOHMEbIM YCJIOBHeM ycneIuHoro pa3BHTHA 6aHKoBcKoro AJena B POCCHH.

6.11 XOTS CyigeCTBYeT HeO6XOXAHMOCTb HaqaTb HHBeCTHLYHOHHOe 4(HHaHCHpOBaHHe

Ha KOMMepqeCKOfI OCHOBe, OCTaeTCs HepeUieHHbIM BOnpOC 0 HaH6ojiee 3(44eKTHBHOM nyTH

pa3BHTHRA: HapayuHBaHHe B03MOXKHOCTeH HHBeCTHLgHOHHOrO KpeAHTOBaHHA CyIeCTBYIOIAHX

6aHKoB npH 4JHHaHCHpOBaHHH no npzHuHnaM ArIEKC, JIH6o CO3AaHHe 6aHKOB pa3BHTHS,

KOTOpbIe 6yXryT HenocpeACTBeHHO KpeAHTOBaTTb npeArnpHAT. HecoMHeHHO, 'TO YCHJIHAS

6yAyT iipeAnlpHHATbI B o6OHx 9THX HanpaBneHHAX. MexgyHapOAHE6I1i oiIrr nOKa3]6IBaeT,

ITO POCCHH cieAyeT nIOAXOAHTb K OpraHH3a11HH 6aHKOB pa3BHTHA C 6o0bEIIofi

OCTOpO)KHOCTbIO. 0O Tex nop, nOKa He 6ygeT HaKonIieH 3HaqHTejIbHbIH onIIT, HX qHCJIO

AOJDKHO OCTaBaTbCSI MHHHMaJbHbIM. Te xe 6aHKH, KOTOpbIe yxKe Co3AaHbI, HanpHMep,PBPP, AOJUKHbI 6bITb TigaTeJTbHO opraHH3OBaHbI C TO'qKH 3peHHA HX CTPYKTYPbI C TeM,'qTo6i H36excaTb H3BeCTHbIx npo6neM, C KOTOPE6IMH CTOnYKHyjiHCb 6aHKH pa3BHTHA B AJpyrHX

CTpaHaX. PeIneHHe 3THX BOrIpOCOB 6yXeT oco6eHHO CJIOKHbIM B yCJIOBHSIX, KorAa

BO3MO)KHOCTH 4j3HHaHCOBoro ceKTOpa oqeHb orpaHHqeHEI, a HeXBaTKa HHBecTHUHH

qpe3BbI'qaf4HO OCTpa.

6.12 PBPP BmeiTCS rniaBHbIM KaHpHAaTOM, 0TO6bI BO3rniaBHT 6aHKOBCKYTO CTpYKTYPY

THna AHIEKC. rIpH OPpraHH3aLAH TaKoro 6aHKa HeO6XOqHMO pa3pa6OTaTb TeXHHqecKHe

B03MO)KHOCTH 3nSA HHBeCTHLUHOHHOH 6aHKOBCKOf geSTenjibHOCTH (BKjnoqasA KaApOBYIO

63

IIOJIHTHKY, nOgrOTOBKY nepCOHaZia H T. g.) KaK B ileHTpaJbHOM 6aHKe, TaK H B 6aHKaX-KIiHeHTax. KpoMe 9Toro, cjiegyeT CO3gaTb nOTeHHaHJI XiiA 34s4jeKTHBHOf pa6oTbl c3apy6eWKHbIMH Kpe;RXTOpaMH H Ao6HTbCA HCIOJIh3OBaHHA HX MeTOOB pa6oTLI. C03xaHHe394eKTHBHoro rJiaBHoro 6aHKa CHCTeMbi ATIEKC noTpe6yeT 3HaqHTeCJIHof 3apy6exKHoHTeXHH'qeCKOfi rIOMOIII1 B xoge OpraHH3auHOHHOrO 9Tara H Ha HaqaJIbHOM 3TanegesTeJIbHOCTH. C jeJIbo CHcHKHeHHM 11OPTpeJlbHoro PHCKa go MHHHMyMa 6aHK gOjUKeHripe,ocTaBRATb KpeXHTbl JIHIib 6aHKaM-KiiHeHTaM, COOTBeTCTBsIOIUHM Tpe6OBaHHAmM BMC.Heo6xoAMo nOBbICHTb B03MOJKHOCTH BMC ogeHHBaTh H ocyweUCTBJIATh HHBecTHUIHOHHoeKpeAHToBaHHe a TaK)Ke ynpasBJIMTh B KaqeCTBe nOCpeAHHKOB (2HHaHCOBBIMH peCypCaMH,IIpeXOCTaBjS1eMbIMH qepe3 roJIOBHOfi 6aHK CHCTeMm. 3TO Tpe6yeT 3HaqHTeJihHoi noo6feMy H BpeMeHH 3apy6e)KHoH TeXHHqeCKOH rOMOIigH, npeAocTaBneHHe KOTOpOH MO)KeT6Mm OpraHH3OBaHO qepe3 rOJIOBHOR 6aHK.

6.13 'ITO KacaeTcs 6aHKoB pa3BHTHA, 3aHHMaioiixHxcs rPSiMbIM KpeAg4ToBaHHeM,riogXo, P&DIl, COCTOSIIIHh B HaKOiTjieHHH 3HaHHf H OnrbITa B xoge npaKTHqeCKOH pa6oTbi,o6nagaeT MHOrHMH rpe4MyuiecTBaMH, H 3TOMy rpHMepy ,OJUKHbI ciiegOBaTm ApyrRe3apoxcAaioiuHecsi 6aHKH pa3BHTHs. B 311o60M cnytae, yqpexAeHHs, ocyUjeCTBsnAoaUeripAMOe KpeAHTOBaHHe, AOJDKHbI 6bITE MaKCHMaJIbHO CBo6ogHbIMH OT rocygapcrBeHHoroBMeUIaTeJIbcTBa; B HAeane OHH AOJIXKHEI HaXOXHTbCA B qacTHmiux pyKax. OHH AOJL-KHbI 6E.B gOCTaTOqHO}{ mepe KarIHTaJiH3HpOBaHbl H ,OJDKHbI HPHHHMaTh Kpe,HTHbie pHCKH.rIpaBHTeJmCrBO He AOJDKHO no6yxcgaTb Hx npeXocTaBImTb Kpe;HTb6 Ha HeKOmmepqecKHeUieiH, C TeM 'To6Ebi 6aHKH MoriiH coxpaHATm CBOIO He3aBHCHMOCTb H (DHHaHCOBYIOXKH3HecHioco6HoCTb a TaKxoe c Lgenbio yKperiieHHs o6uwef KYJbTYPLI KpeAHTOBaHIA HaOCHOBe iipH6bIJILHOCTH.

(DHHaHCHPOBaHHe MHJIHLIHoro ceKTopa

6.14 PoccHA HMeeT BbICOKHII ypoBeHb yp6aHH3aLUHH, H aKTHBJI K HJIHI1Horo ceiropaCOCTaBJIAnOT 3Ha'HTenJIHYIO XOJIIO HaLHOHaJTbHOrO AgOCTOAHHAI. CornacHo ,aHHMIM,OIIy6IIHKOBaHHbIM rOCKOMcTaTOM, B 1990 r. aKTHBbl XKHJHUnHOrO ceKropa cocTaBJUl3H 25ripOjeHFOB BCeX aKTHBOB HapOAHOrO X03AICTBa. BnonIHe BepOATHO, qTO 3Ta AoJ 6bAaxaaxe BbIiue, ecIiH IPHHHMaTh BO BHHMaHHe PbIHOSHbIe igeHi. BOT rIoqeMy Pa3BHTHe9(pceKTHBHoro PEIHKa xcHiii6A H Hage)KHOfi CHCTeMbI KicpeTOBgHHBaH KHAIHHWHOrO ceKTopaIIpegCTaBJIAIOT co60ol BaKHbie 3JIeMeHTbI nepexogHoro nepHoAa.

6.15 IIPHBaTH3alHA )KHJIbSA BKjUoqaA npaBo npogaBaTb HJIH apeHjoBaTmco6CTBeHHOCTb, ABjiMeTCA OXAHHM H3 OCHOBHbIX YCJIOBHfi CO3gaHHs PbIHKa )xHJM Hpa3BHTHA KpeXHTOBaHHA XKHJIHIIHOrO CeKTOpa. )JO HaYaIa IIPHBaTH3al4HH B 1990 r. BqacTHbix pyKaX B POCCHH HaXOgHjiOCb meHee 5 npoigeHTOB XKHJIHwHOrO (OHga. K AeKa6pIo1992 r. nIO Bcefi cTpaHe 6bino yxce HPHBaTH3HPOBaHO OKOjiO 2,5 MRH. XCHRHI, YTOCOCTaBHJIO 8-9 nPOLgeHTOB rocyxRapCTBeHHoro XKHJHIYHHOrO qOHga. B MOCKBe 9TOTInOKa3aTeJii COCTaBHji 11 npoLgeHToB H npoxonJvKan pacTH 6bICTpEIMU TeMnaMH, Bpe3yjbTaTe qero K cepegHHe 1993 r. Morjio 6bI 6blTb HPHBaTH3HPOBaHO ;xo 1/3rocygRapCTBeHHoro JKHnIHllHoro (POHAa ropoga. B xAeKa6pe 1992 r. 6BEInH BHeceHBIH3MeHeHHA B HPHHS[TMfI B H1ojie 1991 r. 3aKOH O rPHBaTH3aJHH XKHJIbS H 6Ei6ia pa3peimeHa

64

CBo6oAHaA npogaxca xsnwi. B 60onbUHHcrBe rOpO;XOB B HaCTOAIIAee BpeMM nipHBaTH3aUHSI

OCyiueCTBjTHeTCA HyTeM riepeAaqH CO6CTBeHHOCTH Ha xKHjbe TeM rpaJKraHaM, KOTOPLIe

rIPOXHBalOT Ha gaHHOH XcHnIOH rinoigagH, WTO peILuaeT npo6JIeMy KpeXHTOBaHHA

npHo6peTeHRA cyLgecTBy1ouero xKHjioro 4OHxga. OCHOBHOH ripo6neMou KpegXHTOBaHIl4

)KHJnHUzHoro ceKTopa IBnMeTC3 pa3pa6oTKa HHCTpyMeHTOB, KOTOpbIe riO3BOJIIT

CHHaHCHPOBaTb CTPOHTenJTCTBO HOBoro xcHjIbT, H HCnOJT3OBaHHe HilOTeqHorO 3aJlora AJA

IIOyIYieHHA 3aMmOB Ha XpyrHe LuejiH.

6.16 MIacTHaA co6CTBeHHOCTb Ha KHIbme HMeeT ps BaJKHbIX colHaJIbHEIX H

rOiJIHTH,qCKHX (byHKUHf H, KpOMe Toro, MoxceT CbIrpaTb IIOJIO>KHTenJbHYIO pOJIb B pa3BHTHH

(MHHaHcoBoro ceKTopa H CTaHOBJIeHHH KperIKoro CeKTopa MaJihIx npeAnfpHATHA, T.K. 6ygeT

CO3gaH BaxHbIf H HageX(HbIH HCTOqIHHK 3aIorooro o6ecrieqeHlsi XJIS 4,HHaHCOBbIX

cAenoK. B pbIHO0qHOii 3KOHOMHKe KpeXHTOBaHHe B ieiiAx co3XaHIHI HOBbIX npeXIpHATHZ

3axracTyio IIPpegoCTaBneTCA nO 3ajior B BHXe XHJIbA (3aKiia,), a He rio, XOXObI 3aeMUIHKa

HjIH nog rIJIaHHpyeMbIe nOTOKH geHe)KHbIX CpegCTB OT ripoeKTa B PoccHH STO flOKa

HeBo3MO)KHO. PeIneHie 3TOA npo6JIeMbI 6ygeT cnioco6CTBOBaTm pa3BHTHIO KpeXHTOBaHHA

MaJrbIX HpeAnpHATHI B 3HatIHTeJIbHo 60nblnHX pa3mepax H ropa3go 6bIcTpee, qeM

riOCpegCTBOM CJIO)KHOrO H goporocTo5iiero npe;xocTaBjieHHA JIirOTHhIX KpeAHTHhIX JIHHHf4.

6.17 )Ioj1rocpoqHoe icpeaHTOBaHne McICHIUHoro ceKTopa. gonrocpoqHoe qaCTHoe

KpegHTOBaHHe )KH3IHIUHoro ceKTopa ocyUeCTBHTb Jlerte, qeM xgpyrHe THnbI AonrocpotiHoroKpe,HTOBaHHA, HanpHMep, flpOMbIinIeHHbIX H KOMMepqeCKHX npegrpHATHI. 9TO BO

MHOrOM 06¶bAcHAIeTCS cIyHKuHeA XKHJIbM CJIYXCHTb B Ka'eCTBe 3anOrOBOrO o6ecneteHi

ccyg H CTpeMJIeHHeM rpa<xgaH o6ecneHTb nOJIHoLieHHoe H qIeTKO onpegeneHHoe rIpaBO

Co6CTBeHHOCTH Ha CBOH xcHiHIiia. OXHaKO ripegCTOHT peUIHTb pAi npo6jIeM C TeM, qT06bi

tIacTHoe 4HHaHCHPOBaH4e )KHJIHLUHOrO CeKTOpa B POCCHH CTaJIO HrpaTb Bexyuiy1o poib:

IUeHa )MUbM He AOJR)KHa 6bITb TaK CHJIbHO HCKaJKeHa B pe3yJ3TTaTe

KOHTPOJISA KBapTnIRIaTbI, tITO CHH)KaeT UeHHOCTL XKHJThSA A"ISI BIOxeHHA

KanHTania H coKpaigaeT MaCMTa6bI Xgo6pOBOJIbHorO HHXHBHXyajThHoro

uKHJI4HiiHoro CTpOHTeJIbCTBa. AHanOrHqHbIM o6pa3oM, Cy6CHAHpOBaHHe

npOLeHTHEIX CTaBOK He AOJDKHO HCnOJI63OBaTiCS6 AnA cy6cHiHpOBaHhA

xcHnIHTioro ceKTopa. Boniee 3c14eKT=BHbIM cnoco6oM npegocraBneHHA

TaKHX cy6cHguHf 6bIna 6bI npAMas BbmjiaTa onpegeneHHOU CYMM1I B BHAe

6e3Bo3Me3AHoii nOMOmUH ,TA nOKPbITHA qaCTH nOKynHOfi UeHbI. 9To ,gaio

6bI npaBHTeJIbCTBY B03MO)KHOCTb yCTaHOBHTb pa3MepbI cy6cHAHH

He3aBHCHMO OT H3MeHeHHS HHDnAUUHH uinu npOieHTHbIX CTaBOK. TeM He

MeHee, ecxI1 BnaCTH inpHMYT peIueHHe cy6cHgHpOBaTb npoLeHTHbIe

CTaBKH, OHH XIOfLXKHEI nOJIHOCTLIO KOMHeHCHPOBaTh 6aHKaM

aJTbTepHaTHBHyIO CTOHMOCTb, a He BbIHY)KAaTb HX 6paTb Ha ce6A qacTaH3gepx(eK Ha Cy6CHXHH, KaK 9TO B HaCTosInlee BpeMA AenaeT C6ep6aHK.

KpegHTHMIe PHCKH CBOXATCS K MHHHMyMy, Korga AOCTOBepHaA oueHKa

C06CTBeHHOCTH H COOTBeTCTByIOIHiiU nOP51X0K BblICeIeHSA H riOTepH npaBa

BbIKyna 3anoxKeHHorO HMyigeCTBa peaMbHo rpenATCTByIOT C03HaTenEbHOXI

65

HeBbIriiiaTe CCyAbI. MTO KacaeTcsA OieHKH CO6CTBeHHOCTH,npegnpHHHMaloTCA nepBbie miarH XJIA YCOBepuICeHCTBOBaHH perHCTpaIHHBjiageHHA 3eMJIeH, oueHKH 3eMeJIbHOH Co6CTBeHHOCTH, rJIaCHOCTH BoTHOIneHHH UeH Ha co6CTBeHHOCTb H HO,grOTOBKH crelHanHCTOB Bo6naCTAlX, CBI3aHHbIX C PbIHKaMH HeBHXCHMOrO HMMyieCTBa B ropoxax.OXHaKO, ripeXCTOHT eiie OqeHb MHOrO cgeJiaTb B 3TOA o6JiaCTH. B'acTHoCTHI, Bce eLie CyLIgeCTByeT 3HatHTeJIbHa51 ryTaHHJJa B BOIIpOCaXCO6CTBeHHOCTHI Ha 3eMjiIO H rpaHHU taCTHbIX BjiaaeHHf B ropojax. HTOKacaeTcx qaCTHOf co6CTBeHHOCTH H iOTepH npasa BbIKyna 3ajio)KeHHoroHMyigeCTBa, Ba)KHbIM inarom CTaJO HpImHiTHe B geKa6pe 1992 r.rOiipaBKH K KOHCTHTYUHH, pa3peIlnHBlIeH 'iacTHyio co6CTBeHHOCTh Ha3eMJIO B ropogax. OXHaKO 3TO ripaBO qaCTHOH CO6CTBeHHOCTH Ha 3eMjfOCOIIPOBO)KgaeTCA UeJIbIM pqgOM OrOBOpOK H orpaHHHBaeTCAHCnOJLb3OBaHHeM 3eMeJTHbIx yqaCTKOB 9JII HHgHBHgyanJIbHoroXKHJIHUHoro CTpOHTeJIbCTBa. 9TH OrpaHHIeHHA 6e3yCnoBHo CTaHYTnpenSTCTBHeM Ha ryTH pa3BHTHM HOPMaJIbHbIX pbIHKOB 3eMJIH B ropoAgax,H He6OfXtoMw gaJIbHemIme yCOBeptUeHCTBOBaHHA B pa3pa6OTKe H4)OpMyjiipOBaHHH npaB C06CTBeHHOCTH Ha 3eMjHo.

BegeTcs pa3pa6oTKa npoeKTa 3aKoHa o6 HnoTeKe. rlpH pa3pa6oTKeripoeKTa 3aKOHa cJiegyeT HIPHHATh BO BHHMaHHe OnbIT UeHTpaJTLHOfH HBOCTO'qHOh EBponIbl B OTHOaIeHHH 3I44eKTHBHbIX H COUHiJaTHOBbInOJIHHMbIX npouegiyp, onpe,geiiAio0uHx nOPA,OK rOTepH npaBa BbIKyra3arnoKeHHOH C06CTBeHHOCTH. IIAs TOro, qTo6bI BbICeIieHHe H JiHifleHHenpaBa BbIKyna 3ajio>KeHHOH Co6CTBeHHOCTH CTaIiH rionwiTHecKHnpHeMJIeMLIMH B POCCHH, Heo6xoi4HMo BpeMq. Bo MHOrHXpa3BHBaioLgHXCA cTpaHax, rge BbIbceieHHe o0i0HTHqeCKH HerpHeMjieMo,6aHKIG noniyqaiOT o6ecneqeHHe riog npegoCTaBHembie HM KHJIZ HfHbIeCCyXbI B BHXe Z JIHHbIX rapaHTHfi OT 6orminoro KojiHqeCTBa nopy'HTeneh,qTO CYUleCTBeHHO CHH)KaeT Heo6xo0HMoCTb BCTynaTb B IIpaBO BjiageHHA3aJIKeHHbIM HMyiijeCTBOM. OaHaKO, TaKaA "KBa3H-HnoTeKa" He MO)eTo6ecnegHTm Ha,ge>KHbIEI 41yHgaMeHT giSi pbIHKa KpegHTOBaHHA)HJIHUIHoro ceKTOpa, nOCKOIbKy CCyXbl OCTaIOTCA Heo6ecrieqeHHbIMH.Hage)KHOCTb TaKHX rapaHTHA MoweT 6bITb HOBbIlieHa, a 3aTpaTbiCHmHKeH6I nYTeM C033gaHH CreIejHajibHEJX yxipe.)KeHHH HOrapaHTHpOBaHHIO KpeXHTa. TaKHe yqpexKgeHuA 4pHHaHCHpyIOTCA, KaKipaBHJIO, 3a CvieT o6noxeHHA 3aeMl1AHKOB rapaHTHHHbIMH B3HOCaMH. KaK

H HnOTexHbie CTpaXOBbIe KOMrIaHRH, TaKHe yqpexgeHHs norapaHTHpOBaHHIO KpeXHTa nOBbILaUOT KaxieCTBO KpegHTOBaHPA)KHJIHLHoro ceKTOpa.

YqpeixgeHls4, ipexocTaBjisollHe KpeXHTbI Ha CTPOHTejiLCTBo XKHJILAI,AO0JKHbI 6bITb B COCTOSHHH yripaBAITb PHCKOM JIHKBHXHOCTH.MexgyHapOxHbIlf OnbIT nOKa3bIBaeT, 4TO KpegHTOpbI gofKHbIpacnoxiaraTb AHBepCI4(t)HPOBaHHbIM nopTcDeneM KpeAHToB, a He

66

orpaHHqHBaTbCq JIHUIIb WHJIHIIHLIM CeKTOpOM H ,pyrHMH c4epaMH

gOjIrOCpOqHbIX KpegHTOB. Mex6aHKOBcKHe JIHKBHAHLIe pecypcbl TaK)Ke

MOrYT HrpaTb Ba)KHYIO POJIb B yrIpaBJIeHHH JIHKBHA,HOCTbEO. Pa3BHTHe

AOJIrOCpOt1HbIX KOHTpaKTHbIX c6epexKeHHfi B BHge CTpaXOBaHHS KH3HH

H rieHCHOHHbIX rIJIaHOB MoxKeT cioco6CTBOBaTb pa3BHTH10 gojroCpoqHoroKpeIHTOBaHHIA )KHJIHIIHoro CeKTOpa , B CBOIO oqepegEb, HCnOJIb3oBaTh

ero KaK rOioAePCKKY CO6CTBeHHOH AJeSTejibHOCTH. B 9TOM cnIyqaeKOMMepqeCKHe 6aHKE MOrYT BMInYCKaTb JIH6o ,ojiroCpOIIHbie o6nHramH,31H60 iaKeTbi iLeHHbIX 6yMar c MeHAEOiief CS ripoiLeHTHOH CTaBKOf, 'TOHpHBJIeqeT TeX, KOMY Tpe6yloTCsI xonroCpoqHbie c3HHaHCOBbIe aKTHBbI.

B HbIHeImHef{ MaKPO9KOHOMHqIeCKOf CHTyagHH ynpaBjieHHe

HpoUeHTHbIMH PHCKaMH HeBo3MoXKHo. BIIoJIHe BepOATHO, qTO 9TO

COCTaBJiAeT OCHOBHYIO flpO6JeMy Ha IIyTH pa3BHTHA 'aCTHoro

HIIOTe'HOrO PLIHKa B POCCHH. Ha OCHOBe OnIbITa, HaKOIIJIeHHOrO B ApyrHX

CTpaHax C HecTa6HJIbHof 3KOH0MHKOA, BceMHpHBIf4 6aHK COBMeCTHO Co

C6ep6aHKoM H IleHTpanbHbIM 6aHKOM o6CyxHJIu BO3MOKHOCTb pa3BHTHS

rH6KHX HnIOTeqHBIX HHCTpyMeHTOB, BKnJO'qaA KOppeKT=pyeMbie

HfOTex'HbIe HHCTpyMeHTbI C XABOAHOA CTaBKOf (,PAM), UpH

HCIIOJTh3OBaHHH KOTOPbIX nepHo,H'IeCKH KOppeKTHpyIOTCA KaK

npogeHTHbIe CTaBKH, TaK H niiaTexH. HarlpHMep, npouxeHTHas CTaBKamorna 6ibi 6b1IT ycTaHOBjieHa Ha 6oJIee BbICOKOM YPOBHe no CpaBHeHHIO

C y'eTHOn CTaBKOH IleHTpajihHoro 6aHKa, a o6CJIyXHBaHHe AojiranocTaBneHO B 3aBHCHMOCTb OT cpegHeH 3apa6oTHoH nIIaTbI B CTpaHe.

APAMbI IO3BOJIHJIH 6bI 6aHKaM 4)HHaHCHpOBaTb HIIOTe'Hbie KpeAHTI 3a

CxieT KpaTKOCPOxHbIX BKJIagOB, IIOCKOJIbKy OHH sKBHBaJIeHTbI

KpaTKOCPO'IHLIM ccyxaM, KOTOpEIe IOCTOAHHO pe4rnHaHCHpyIOTCA npM

HacTynnIeHHH CpOKa nIiaTexKef nO HHM. 3TO oco6eHHO Ba)KHO BBHEY

KpafHerO HeriOCTOSHCTBa HOMHHabHbIX H pean6bH6IX Hpo[eHTHLIx CTaBOKB HHcjIWIOHHOff sKoHoMHKe. APAMbl TaKxe BbIrO,HbI 3aeMnUUKaM-

AOMauIIHiM xo3sAICTBaM, nOCKOJThKy OHH rIpHBSI3bMBaOT BbiriiaTmI K

AOXOgaM H MOrYT r1OMOqJ. H36aBHTLCS OT Pa3OBbIX BbIiIiaT riPHrTojiy'eHHH Kpe,HTa, KOTOpbIe XapaKTePHbI XJI3I HrIOTexIHbIX KpeAHTOB C4(HKCHPOBaHHOH HpOieHTHOH CTaBKOH.

6.18 XOTA APAMbI MoryT chirpaTm BacXHYIO POJI6 B YCJIOBHAX cpe,gHux TeMrIOB

HHcHJ1IIIHH, OHH MOryT CTOJIKHYTbCA c cepbe3HbIMH ITIpo6ieMaMH B HBIHeuifHei

MaKpO3KOHOMH'qeCKof o6CTaHOBKe. gPAMbi KH3HeCHOCo6HbI C 4pHHaHCOBOi TOqKH 3peHHS

B yCJIOBHXx, KOrAa BeCL cneKTp ripOUeHTHLIX CTaBOK pacTeT, a peazwmag 3apa6oTHas maTa

CHHKaeTCS. HO B HHbIX YCJIOBHAX OHH MOryT CTaTh HeXCH3Hecrioco6HbIMH B CHJIy pAga

IIpH'IHH. HaripHMep, IgOJIS Co6CTBeHHLIX CpeACTB rIpM HipHO6peTeHHU Co6CTBeHHOCTH MO)KeTCO BpeMeHeM CHH3HTbCSA O OTpHUaTeJIbHorO 3HaqeHHA; geHeJKHbIe rOTOKH KpeAHTOpaTaK)Ke MOryT Cramb OTPHUlaTeJI6H6IMH (pacxoxi6i 6o0JIn e AOXOAOB), H CPOK KpeAHTa MO)KeTOTOABHHYTBCA AO 6eCKOHe'IHOCTH, eCJIH TOJIbKO o6CJIyKHBaHHe gojira CO BpeMeHeM He

BO3paCTeT H 6yXeT 3aBMCeTb OT pa3mepa CCyAbI a He OT xooXAa 3aeMiEHKa.

67

6.19 AHaAH3 H ripaKTHKa rIOKa3bLiBaloT, qTo aaxe HaHJy t iIHM o6pa3oM cocTaBnemHbiHHrOTe'qHbIl KpeXHT C rH6KHMH YCJIOBHMMH HHKOrXa He MOKeT 3aMeHHTh co6oHMaKpO9KOHOMHIqeCKyIO CTa6HILHOCTL. BHegpeHHe B PoccHH rH6KHx HOTemH6IXHHCTpyMeHTOB, BKIIOxia1 PAMbI, MO)KceT BCKOpe CTaTb (DHHaHCOBO peaJH3yeMbiM, OAHaKO,TaKOH miar roTpe6yeT BbIHonHeHHs pMAa Tpe6oBaHHH K 43HHaHCOBO HH43paCTpy3KTrype,HanIpHMep, HaJIH'qH{ HaXe)KHLIX 9KOHOMHqeCKHX H ciHHaHCOBbIX nOKa3aTeJief, KOTOPBIXriOKa enwe He CyLweCTByeT. HX BHeXpeHHe TaK)Ke 6ygeT HMeT6 3Ha'HTeJIBHoe BnJHSmHe CTOxrKH 3peHI yripaBJIeHHI HOBOBBeAeHHsMH, rpegocTa yCJIyr, 6yxra=TepcKoroIyeTa H HaJIoroo6JIoxeHHs.

6.20 CnIeIyeT 'eTKo pa3 JIHxiaTb gonroCpoxIHoe KpeAXfTOBaHHe npHo6peTeHHs XHjTSIH rIpHo6peTeHHe HegBHXCHMOH CO6CTBeHHOCTH B KOMMep'eCKHX geiiAx. B nocjiexHeeBpeMAI pa3BHTbIe CTpaHbI HCnbIThIBaJIH Cepbe3HbIe TPYAHOCTH B 6aHKOBCKOM ceKTope,BbI3BaHHbIe6e3pacCyxHI1MKperHToBaHHeMiKoMMepqeCKOfIHeABH)KHMocTH.KpeAHToBaHHeHeABH)KHMOCTH BHe iRHJIHIIHOrO ceKTOpa (T. e., oTejief, aJMHHHCTpaTHBHbIX HKOMMepqeCKHX 3AaHHH H T. A.) CyigeCTBeHHO OTJIH'aeTCs OT qojiroCpOqHorO KpeAHTOBaHHAXHIHUwHoro CeKTopa. TaKoe KpeATOBaHHe CTajiKHBaeTCA C TeMH Ke npo6jieMaMH, qToH XojiroCpO'qHOe KpeAHTOBaHHe HHBIX KarIHTaJOBJIoKeHHfl, HrPH KOTOpbIX CTOHMOCTb 3aioraH3MeHIeTCS CO BpeMeHeM B ropa3go 6oJnBrHx pa3Mepax. BnonHe BepoSTHo, oTOHHBeCTHIUHH B HeAgBHKHMOCTb BHe )KHJIHIUHOro ceKTopa 6yAyT Ha npOTSKeHHHoripeAejieHHorO BpeMeHH pa3BHBaTbC5C C rOMOIUbiO CpeACTB aKIHOHepHOrO KarIHTaA.a,Tpe6ypoiero yIaCTH51 HeCKOJIhKHX HHBeCTopOB. POCCHfICKHU BapHaHT COBMeCTHbIX TpaCTOB(4)OHIOB) nO HHBeCTHIUHAM B HeABH>KHMOCTb yxe AeHCTByeT B KpYnHeiiuiHX ropoAax, rAeOCyUgeCTBJASOTCS rIpH6bIJIbHbIe HHBeCTHrIH1 B ueHTpanjbHbI KBapTajibI.

Kpe,HTOBaHHe cenmcKoro X03flfCTBa

6.21 06ecneteHHe AOCTyna K KpeHTaM AnSA ceJIbcKHx perHOHOB, B xIaCTHOCTH, CILenbIO KpegHTOBaHHA CeJbCKOX03AHCTBeHHoro ripOH3BOCTBa, HMeeT OrpOMHOe 3HaqeHmeAJIA POCCHIHCKO U 3KOHOMHKH. Ha cenbcKoe X03A1CTBO IIpHXOAHTcA 15-20 npoileHToBBaJIOBorO BHyTpeHHero pPOAyKTa H TaKaA xKe AO3nS pa6o'eH cHJII. Bojiee 20 npouleHToBHacenewHHA POCCHH ripOaKHBeT B CeJIbCKHX paHOHax. Pa3MepbM CTpaHbI H TPYAHOCTH Bo6ecneqeHHH riepeBO30K rpOXYKUHH x,eiiaIoT CejibCKoXO3sIHCTBeHHoe npOH3BOACTBOBaXKHbIM (laKTOpOM o6ecHetIeHHS IpOAOBO3IbCTBHeM MHOrHX perHOHOB. KpoMe 9TOro,npaBHTenJbCTBO paCCMaTPHBaeT nOAepxxKy ceJhCKoro XO3AfICTBa KaK cIIoco6 orpaHHIeHHAMi4rpauH HHCcejieHH B ropoga, rge PbIHKH KHJIbA H pa6oqe CHJIbI Y)Ke HCrIbIThIBalOTonpeAejieHHyIo neperpy3Ky. B cHJIy 9THX HpH'qHH pOCCHHICKHe BjiaCTH HCIIOJlIb3yOTCy6CKjAHpoBaHHbIe uejieBbie KpeAHTLI B Ka'eCTBe o6ecnle'eHHA CeJICKOMY XO3MHCTBYAOCTyri K KpegHTaM H C gLeJIbio Cy6CHAHpOBaHHx CejbCKOrO Xo3AHCTBa1 9.

19. floApo6Has xapaKTepHCTKa ceJILcKOXO3sAfcTBeHHbD( OTpaciret xaeTcq B: "Food and AgriculturalPolicy Reforms in the Former USSR - Agenda for the Transition", Studies of Economies in Transition,BceMHpHbJk 6aHK (1992).

68

6.22 POCCHA He SBJISeTcS eAHHCTBeHHOz cTpaHof4, npe)gocTaBJIA10oieHcy6cHpoBaHHbie KpeXHTbI ceJTbCKOMY XO3AfHCTBy. B 6ojbuinHHcTBe cTpaH, BnKIoIqaA

CTpaHMI C pa3BHTOf' pbIHOqHOfI 9KOHOMHKOI, CneuHim3HpOBaHHLIe rocygapcBeHHie

ypexeHHA H npOrpamMMbI HCrIOJb3ylOTCS AA npegoCTaBeHHA H cy6cHAHpOBaHHA

KpeAHTOB CeNJICKOMY XO3AfHCTBY H CejibCKHM paHOHaM B iejioM. B 3HaIHTeJIbHOH mepe 9TO

o6bAcH5IeTCA HOIIHTHqeCKHM BJIHMHHeM 4)epMepOB, HO TaKHe npOrpaMMbI TaKoKe

o6,bACHsIOTCA H 3KOHOMHxeCKKMmH ipHqHHaMH, HanpHMep, HeO6XOHMOCTmIo

KOMrieHCHPOBaTh HCKaxeHHIA MHPOBbIX TeH Ha CeJIbCKOX03AflCTBeHHyIO npOIYKHIHO B

pe3yJIbTaTe OrpaHHqeHHl B TOprOBJIe H cy6CHAHf4, Heo6xoXHMocTMio o6ecneqHm AocTynK Kpe,IAHTaM JV1 OTXajieHHbIX perHOHOB H HCfOJIb3OBaHHeM KpeJHTOB B KaqeCTBe cpeACTBa

o6ecne'IeHRA HaxeXHbIX nOCTaBOK nPpOAOBOJILCTBHA.

6.23 Oco6eHHo THIInqHbIMHI qepTaMH rocyAapCTBeHHoro BMeiiaTeNJbCTBa B POCCHH

IBJIHOTCA cneAypowHe: (a) MacmTa6bI nporpamm iLeiieBoro KpeXHTOBaHHA (no'm Bce

KpeXHTbI CenJbCKOMY X03IfICTBY H UeJIOMy pXAY CBI3aHHbIX C HHM OTpacJleH

ripeXOCTaBJIAIOTCS B paMKaX 3THX nporpaMM) H (6) cTerieHb rnpAmoro HJIH KOCBeHHoro

cy6CHIHpOBaHHI, npeBpaigaioILas 9TH KpeJHTbI IIpaKTHqeCKH B 6e3BO3Me3AHyMo rOMOab(B AOxOJIHeHHe K KpailHe HH3KHM npOqeHTHbIM CTaBKaM, 6oJThIbHHCTBO 3aeMIW4KOB H

KpeAXHTOPOB npeAnonaraIOT, wTO B KOHue KOH4OB 6ox6iuas xacTm gonroB 6ygeT CrHCaHa).

Bo Bcex pa3BHTBIX H B 60JIbUIHHCTBe pa3BHBaOiHXCA CTpaH rocyapCTBeHHbIe nporpammbi

HrpaIOT He3HaqHTeJIhHy1O pOJIb B o6MeM KpeXHTOBaHHH CeJIb6CKOrO XO3SHCTBa, a 9jieMeHT

6e3BO3Me3AHOft nOMOU1H B 9THX riporpammax cOcTaBjIAeT JIHIIb MajiyiO AOJlO TeKyi1efi

CTOHMOCTH KpexHTOB.

6.24 B roAbi COBeTCKOH BJIaCTH ceii,CKoe XO3AhICTBO B POCCHH BKJIIO,4ajiO 27 Tic.KOjijieKTHBHLIX H rOCyXapCTBeHHLIX X03S1fCTB (COOTBeTCTBeHHO KOJIX030B H COBX030B).

KaxKgoe XO3AICTBO HMeJIO B Cpe,gHeM 8 TbIC. reKTapOB yro,Hf H 400 TpyAOCriOCO6HbIX

qJIeHOB. KaiHHTajiOBJIO>KeHHSI B 9TH X03AfICTBa 4HHaHCHPOBaJIHCb B OCHOBHOM H3 6ioAceTa,

a o6opOTHbIe cpexCTBa ripeAOCTaBJIMJIHCb HM B BHXe 3aHMOB B COOTBeTCTBHH c

UieHTPaJIH3OBaHHbIM nIiaHoM. 'IaCTHoe ceJTbcKoe XO3AiCTBo 6BIJIo r peIcTaBneHO JIHIb

caaaMH H oropoXaMH (pa3MepoM OKOjIO nojireKTapa), KOTOpbIe OTBOHJIHCb rOpOACKHM

pa6o0HM. HeCKOJIbKO MHJIJIHOHOB TaKHx HHAHBHAyanbHBIX CaAOBbIX H oropoAHbix yqaCTKOB

3aHHMalOT nIHuii 3 npOU. 3eMenI6, OXHaKO nPOH3BOAST 6onee 20 npou.

ceRbCKOX03AIfCTBeHHOfi npOAyKUHH. KaK ripaBHJIO, POYKIH BbIpaMHBaeTC JI

co6cTBeHHoro nOTpe6iieHHl4, a nPOH3BOXrCTBO CHHaHCHpyeTCA caMHMH BnaJ,eni6aMH

ytIaCTKOB.

6.25 Ha rpoT3iweHHH iocJIej,Hx 2 JIeT CTPyKTypa ceJIbCKoro XO3A4CTBa npeTepnena

pAX H3MeHeHHA. KoJIX03aM H COBX03aM IIpeACTOHT npeBpaTHTbCA B 'aCTHbIe XO3AICTBa,

KOOnePaTHBMI nPOH3BOA14TejieH TOBaPHOf nPOWYKUHH HJIH aKuLHOHePHbIe o6LiieCTBa. OKOnO

nOJIOBHHbI 9THX XO3XHCTB yKe 3aperCTPHPOBanHCb BKaqeCTBe OAHOH H3 yKa3aHHbIX 43OPM

npeAripHATHA, OqHaKO B 60JII.UHHCTBe XO3,qHCTB, nPeBPaTHBIIIHXCA B aKYiOHePHbieo6iuecTBa HJIH KoOriepaTHBbI, OpraHH3a9HOHHbie H3MeHeHH5 6buIH He3HaqHTeJnbHbIMH.

()HHaHCOBaA CTpyKTypa 9THX X035{HCTB, BHe 3aBHCHMOCTH OT TOrO, 6bInH JTH OHH

peopraHH3OBaHbI HJIH HeT, CyiiLeCTBeHHO He H3MeHHJIaCb: 60bUIH4HCTBO H3 HHX nonaraeTCA

69

Ha IeieBbIe KpexHTbI, pacnpegeJiLeMbIe qepe3 PoccenbXo36aHK B KaqeCTBe HCTOqHHKao6opOTHbIX CpeACTB; KanHTaJOBJIO)KeHAS XAeIaIOTCA JIHUIUb B MHHHMaJIbHbIX MaCLuTa6ax.

6.26 B 1991 r. HaqajiH nOSBJIASTBcS ceJIbcKoXo3MHcTBeHHbie flpeIpHSfTSIA HOBoroTHria, a HMeHHO, 'aCTHbIe ceMeHHbIe 4)epMbI. MaCTb H3 HHX BO3HHKJIa B pe3yJbTaTe* po6JIeHHs KOJIXO3OB HJI4 COBXO3OB, OxHaKO, 60JTInBHHCTBo 6buio C03XAaHO Ha paHee6poiueHHMIX 3eMJTMx, KOTOpbIe 6bIJIH BbIXenIeHbI HIiH ripogaHbi 6ygyluHM clepMepaMrocyXnapcTBoM. qHcjio qaCTHbIX cepMepcKHx X03AHCTB pocnio 6bICTpBIMH TeMnaMR: C 4500B 1991 r. 0o HpH6JIH3HTeJIbHo 220 TBIC. K KOHUY 1992 r. B cpegHeM qaCTHas qepmapacnojiaraeT 3eMeJbHbIMH yrogbMMH pa3MepoM OKOjio 40 reKTapOB, H B HaCTOMAIee BpeMAHa HHX HPHXOAHTCM 3 npOg. Bcex ceJIbCKOX03oflCTBeHHbIX 3eMeJIb B POCCHH. IlepBbIepe3yJIbTaTbI rnoKa3bIBaIoT, 'ITO t acTHbie c)epMepcKHe XO3sIfCTBa JO6HBaIOTCM 6oneeBbICOKOrO YPOBHA 1IpOH3BOAHTeJIbHOCTH, qeM COBX03bI H KOJIX0361B.3OjTEHHHCTBO cIepMepoBC*TaiH qjieHaMH AKKOP - opraH43alHH4, o6,beHn,iiowefe 'acTHbIx (4epMepOB HceJIbCKOX03AIfCTBeHHbIe KOOriepaTHBbl POCCHH. oepmepbI HY>KgalOTCA B 3Ha'IHTeJIbHbIX* HHaHCOBbIX pecypcax nJIA HaqajbHbIX KaH4TanOBJIoXKeHlH4 H ripHo6peTeHHsceJIbCKOX03AIHCTBeHHOrO CbIpbM, OXHaKO, HX BO3MOXHOCTH4 nOJI'qHITb KpegHTbI orpaHH'qeHbI,*1OCKOJIbKY OHH He MOryT KCrIOJIb3OBaTb CBOIO 3eMJIUO B KaqeCTBe 3anora. KaK HpaBHJIo,PocceIbXo36aHK H KOMMepqeCKHe 6aHKH 11pegOCTaBJIMIOT KpegHThI HOBbIM qaCTHBIMxo3AeBaM nop, rapaHwrm AKKOP, o6ecrieqeHHbIe CpeACTBaMHi cjoHAa, co3AaHHoro B 1992r. H3 6ioA)KeTHbIx aCCHrHOBaHHH B o6feMe 6,5 MjipA. py6. HegocTynHocTm xpeAwToBABjITeTCA peaJThHbIM IInpeSTCTBHeM Ha iiyTH pacLlHpeHHEI qaCTHOro CeKTOpa B CejTbCKOMXO3AHCTBe.

6.27 TpYAHOCT14 Ha IIYTU pa3BHTHS KPieaHTHbIX PBIHKOB Ha cenie. JIIO6bie IlOflbITKHCOKPaTHTb pa3MepbI rocygapcTBeHHorO y'aCTH1 B cIHHaHCHPOBaHHH cejibcKoro xo3IficTBaCTaJIKHBaIOTCS C ileJibIM pAOM TpyqHOCTeH:

* 3eMns go CHX IIOp He Mo)KeT HcIIOJIb3OBaT]CA B KaqeCTBe 3aniora AiAo6ecneqeHw5I KpeAHTOB. EgHHCTBeHHbIM HCKIIOioeHHeM B 9TOM CMbICjieMBJIAIOTCA OKOJIO 1,5 MJIH. 3eMeCJbHbIX yIaCTKOB, BbigeiieHHbIX rpaJKgaHaMHa OKpaHHaX KpyrIHefImIHX rOpOxgOB. HegaBHo rIpHHHTAIT 3aKOH ,gan HMnOJIHbIe npaBa qaCTHOEi Co6CTBeHHOCTH Ha 3TY 3eMJIo, BKJI1O'aA[ npaBonpoAa>KH.

DHHaHHCHPOBaHHe ileHTpaJIH3OBaHHbIX rOCyAapCTBeHHbIX 3arOTOBOK HC6bITa ceJIbCKOX03oMICTBeHHOH HpOJWyKUHH AOJ1KHO OCyWeCTBIATbCAIlOCpegCTBOM nporpaMM gejieBoro KpeAHTOBaHHM, nOCKOJTbKYBbIfojImHSOIIoHm 9TH cDyHKuHH BegOMCTBa CJIHIIJKOM BeJIHKH rioCpaBHeHHIO C 6aHKOBCKOA CHCTeMOfi.

OTCYTCTBHe 6aHKOBCKOf HH4)paCTPYKTYPbI. B 60JbILUHHCTBe CenJbCKHXpaf4OHOB 6aHKOBcKUe yqpe>KgeHH51 OTCyTCTByIOT, 3a HCKiiOoqeHHeMC6ep6aHKa, KOTOPbIfI 40 HegaBHerO BpeMeHH KpeaXHTOBaHHeM He3aHHManCA. KpoMe 9Toro, 6OJbIUIH4HCTBO cepMepcKHx X033IhCTB He

70

YOBneTBOPAIOT KpHTepHAM, Heo6XOAHMLIM JIA nojiyqeHHAKOMMepqeCKHX KpeAHTOB, 60JIbIJHHCTBO H3 HHX H He CTpeMHTCA

COOTBeTCTBOBaTB 9THM KpHTepHAM, nOCKOJIbKy HMeeT Aeno jcHUTh cPoccejnxo36aHKoM, Tpe6OBaHHS KOTOporo rip rpeHocTaB i KeKpeHTaaHaJIorHqH]I Tpe6oBaHHAM muo6oro Apyroro rocygapcTBeiHoroBegOMCTBa

* [lIpoxOnca1owaACA HeonpeAeneHHOCT6 B o6nacTH CenbCKOX03AI4CTBeHHOi

rIojIHTHKH, B taCTHOCTH, B OTHOiueHHH iLeH H OrpaHHqeHHf1 Ha TOproBjilo,

XITO 3aTpygHIeT oleHKY KpegHTOcnoCo6HOCTH (jepMepCKHx X033SiCTB.

* HacTpoeHIls CaMHX cIepMepOB. B yCJIOBHSX geHTpa3fH3oBaHHoro

riiiaHHPOBaHHA KpeAHTOBaHHe ceJIbCKoXO3sAfcTBeHHbIX npeAnpH=gpaCCMaTpHBaIOCb KaK nepexratia 4)HHaHCOBbIX peCypCOB roCygapCTBOM, H

XonrH HepeAKo CrIHCMBaJIHc6. B pe3yjibTaTe WToro B03HHKJIH HJIJII03HH,KOTOpme 6ygeT TPY,HO pa3BemTb y 4)epMepoB-'IaCTHHKOB H noITHHeBo3MO)KHO y COBX030B H KOJIX030B.

6.28 PeKOMeHaII1UH. B 6nihxafniieM 6yn;yieM nporpaMMbI iyeJieBoro KpeXHTOBaHHS

XOJDKHbI 6b COXpaHeHbI B KaqeCTBe OCHOBbI C)HHaHCHPOBaHHS cejTbCKoro XO3AIZCTBa, noKpafIHefI mepe XO Tex nop, riOKa y q)epMepOB He niOABHTCA BO3MOXKHOCTh lOny'qaTb CCyAbI

flOA 3aJIor CBoero HMyigeCTBa. KpoMe 9Toro, MaAoBepo3ITHO, wro 60BJI1nHCTBO COBX030B

H KOJIX030B (IIPHHHMaA BO BHHMaHHe TO, KaK OHH o6CnyKHBaJIH CBOIO 3aAojixeHHOCTh B

npOLUJIOM, a TaKwKe HeOHipe,geXeHHOCTb HX HojJIoxKeHHA) Kor,a-nH6o 6yxyT Kpe,HToBaThcA

KOMMeptIeCKHMH 6aHKaMH, HaIejieHHBIMMH Ha nonyIeHHe npH6bIfIH.

6.29 TeM He MeHee, B CyIIeCTByIOLgHe nporpaMMbI HeO6XOXHMO BHeCTH p3ig Bax.KHbIX

H3MeHeHHfi. UejieBbIe KpeAHTbI AOfJKHbI npegOCTaBJIATLCA JIHIII6 CeJIbCKOMY X03MHCTBy H

Ha LIeJIH nepepa6oTKH ceJIbCKOX03AfICTBeHHOff npOXYKIHH H ci6i eHIIOCpeXCTBeHHO B

X03AHCTBax. flpeAnHpHATHA, 3aHHMaIOWHeCA npOH3BOACTBOM ARA CeJTbCKoro X033XHCTBa,

BKyIOIaA yxo6peHHA, KaK H ApyrHe npeAnPHATHS arponpombiuijieHHoro KOMnneKca,

AOJDKHbI rOJioy-Tb KpeXHTbI HeIIOCpeACTBeHHO OT KOMMepteCKHX 6aHKOB. 3Ta mepa

HeemegeHHO COKpaTHT o6feMbI nporpaMM ileiieBoro KpeAHTOBaHHA no MeHbIIIef mepe Ha

25 npolu. UeieBbie Kpe,1HTbI CeJlbCKOMY X03Af4CTBY AOJIKHbI COKpaiiaTrCX nOCTeneHHO, no

mepe TOLO, KaK KOMMep'eCKHe 6aHKH1 H PbIHKH KarnHTana 6yxyT 6pamb Ha ce6xi Bce

6oJIbuiIylio IaCT6 KpeCHTOBaHHA cenJbCKoro X03AACTBa.

6.30 KpeXMHTMI AOJDKHBI InpegOCTaBJIATbC Ha qeTKO orOBOpeHHMIX ycjiOBH3X Aaxce B

Tex cjiy'a3ix, Korxa OHH ABJIAIOTCA JlbrOTHbIMH, H BjiaCTH AORXHbI Xo6HBaTbCX BbIlnoIHeHHA

9THX YCJIOBHH C TeM, qITO6bI BHeAPHT6 (DHHaHCOBYIO XHCgHHJIHHy. rlpeAxIOTHTeJbHO,

tITO6bI UeHTpanbHbIH 6aHK rIOBbICHJI HpOLeHTHYIO CTaBKY no KpeXHTaM ceCJbCKOMYX03AACTBY X0 ypOBHA, cyweCTByIiogerO B OCTa&bHbIX OTpaCAMX 3KOHOMHKH. AOTagHH 6ygryT

6o0ee 3c14DeKTHBHbIMH H meHee AOPOrOCTOAIX1HMH, eciiH OHH 6yqyT npegOCTaBJIsImCA Ha

onpereiieHHbie rocy,apCTBOM ileJIH.

71

6.31 B CPe,XHeCPOqHOM nIiaHe, IIO mepe TOrO, KaK CHCTeMbI UieHTPaJIH3OBaHHbIX3arOTOBOK H pacnpegenei-im IIPOAWKUHH rOCTerieHHO 6yXyT BbITeCHITbCSI 'aCTHbIMHPO3HHqHbIMH H OIITOBbIMH pbIHKaMH, CHM3ITCS H HOTpe6HOCTH B KpeCHTOBaHHH 3arOTOBOKn1OCpeACTBOM nporpaMM LeJIeBoro KpeXlHTOBaHHA. lpegocTaBjieHHe qeTKO onpeXeJTeHHbIXripaB CO6CTBeHHOCTH dpepMepaM-,lacTHHKaM, BKMIotaA npaBO 3aKJa.gbIBaTb 3eMJiio, a TaKxKepa3peIueHHe 6aHKaM fIOJIyqaTb B C06CTBeHHOCTb 3ajIOxKeHHbIe X03MIICTBa B cjiyqaeHeBbIrinaTbI CCyAbI 6 yXyT HeO6XOXUMLIM yCnOBHeM YCOBepiueHCTBOBaHHA gocTyna4)epMepOB-qaCTHHKOB K KpegHTaM.

6.32 PocceabXO36aHK Mor 6bI npOAOaKaTb HrpaTb CBOIO pOJb OCHOBHOrO 3BeHa nopacnpeAReJeHHIO LIeJIeBbIX KPeXHTOB CeJIbCKOMY XO33HCTBY. EMy CTOHIlO 6bl nOnbITaThcAPa3rPaHHxfHTb Te CCYXIbI, KOTOPbIe OH XOJDeH BbIgaBaTb B KaqeCTBe "areHTa"IpaBHTenjbCTBa H UIeHTpaJTbHOrO 6aHKa, H Te, KOTOpbIe OH npegOCTaBjL5eT OT CBoero

co6cTBeHHoro HMeHH. rlo mepe nOCTeneHHOf4 JIHKBHAaIwHH ilejieBoro KpeAHTOBaHS1 ,gpyrHxBHgOB AeATenbHOCTH, KOTOPOe OH B HacTosmee BpeMSA cU4HaHCHpyeT, PoccejbxO36aHKCKOpee BcerO COKpaTHTCA B pa3Mepax. OxgHaKO BHOJIHe B03MOXCHO, wTO pAg ero OTRe3IeHHH*6YIYT B COCTOAHHH CO3gRaTb HOBYIO fenO3HTHYIO 6a3y H HaqaT 3aHHMaTbCA HOBbIMHBHAaMH KOMMepxeCKOII geATeJThHOCTH.

6.33 PoccHEIcKHe BjiaCTH AgOIHbI CIIOCO6CTBOBaTb co3gaaHHIO HOBbIX cpHHaHCOBbIXy'IpexAeHHfl B cejibcKHX pafOHaX. XOTS 9TH yqpexgeHHA MOrYT 1PHHHMaTh Pa3jIHqHbIe4pOpMbI, BKJnIOtasA Kpe,HTHbIe KOOnepaTHBbI, aKJIHOHepHbIe o6uiecTBa a TaKxKe OTgeJIeHHAH 4cHJIHaJI6i 6oJiee KpynHbIX KOMMepteCKHX 6aHKOB, BaXKHO COCpe,gOTOwHT6 HXreSTeJIbHOCTb Ha MeCTHOM ypOBHe. B ps3ie periOHOB oTgeiieHHs PocceJIbXo36aHKa,C6ep6aHKa HJIH cyfeCTByIOmHe KOMMepx1eCKHe 6aHKH MOrIH 6bI cTaTh OCHOBOH xAJIACO3XRaHAS TaKHX HOBbIX yqpexgeHHfI. B A,pyrHx periomax MoryT BO3HHKHYTh H cocTaBHTbKOHKypeHgHIO CyIgeCTBYIOIItHM 6aHKaM COBepIIIeHHO HOBbIe yqpexgeHHs.

I

Ii

73

HPHJIO)KEH4E: POCCHfICKI4fl PbIHOK IEHHbIX 3YMAr

1. BBeaeHHe. B HaCTOAMieM npHjio>KeHHH gaeTc3 KpaTKoe orHHcaHHe pa3BHTHAPOCCHIICKOrO pbIHKa UeHHbIX 6yMar. 344deKTHBHOCTb PbIHKa iJeHHbiX 6yMar BO MHOrOM3aBHCHT OT peqOpM B gpyrHx o6nacTMx cjJHHaHCOBoro ceKTopa, BKJIIOqaA flOJIO>KHTeJTbHbieCABHrl B o6JIaCTH 6aHKOBCKOrO geiia, 3aKoHogaTen6CTBa o fpegnpRAT14Ax, 6yxraJITepcKoroyseTa H ay,AHTa. KpoMe TOrO, HOpMajIbHOe q)yHKIjHOHHpOBaHHe pbIHKa UeHHbIX 6yMarrIOTpe6yeT npHHAITHA CII&eUH{bHbIX 3aKOHOB nO 4eHHbIM 6yMaraM, C03XaHHAcneUHanI3HpoBaHHbIX KOHTPOJIbHbIX opraHoB a TaK)Ke AgPYrHX crieUaHRH3HPOBaHHbIX"pexeHH H OpraHH3aLcHA. HeCMOTpA Ha TO, MTO PbIHKH LXeHHbIx 6yMar OXBaTIBaIoToliepaIHH KaK c aKIxUIMH, TaK I c o6nHraUiAMH, YqHTbIBaA OrPOMHyIO BsaHOCTb ARAPOCCHH Mo6HJIH3aUHR KaIIHTaia IIyTeM BbInYCKa aKtHfl, Ha HatajibHOM Warie cniegyeTcocpeAOTOwHTb OCHOBHbIe YCHJIHA Ha CO3XaaHHH 9c4)eKTHBHoro PbIHKa aKUHH.

2. POCCHACKHA PbIHOK ieHHblX 6yMar HaxOUHTCA Ha paHHeH CTa,UHH pa3BHTRA, HeMy eiue ripexCTOHT HPOHTH .gonrHu ryTb, npe)Kx;e qeM OH CMO)KeT BbInOJIHSATb FYHKUIHrIO Mo6HJIH3aUHH c6epexceHHi, rpegoCTaBneHHio co6CTBeHHbIX CpeXCTB H gOJirOCpOqHbIX3aeMHbIX CpegCTB ripeXnpHATHAM H aKTHBHO ytaCTBOBaTb B npoiyecce npHBaTH3aiiHH. BYCJTOBHMX o6iiero OTCTaBaHHA CTpaHbI B pa3BHTHH HipaBOBOU H 6aHKOBCKOfI CHCTeM,HeYCTOW1HBOCTH riojIHTHqecKHx H 9KOHOMHuecKHx CTpyKTyp a Taicxe OrpOMHOUiHeO6XOAHMOCTH B o6yqeHHH HaceiieHHA H onepaTopoB Ha pbIHKe, 6bIJO 6bI BnOJIHeeCTeCTBeHHbIM riperIOiJIO)KHTb, qTO pOCCHUCKHU pbIHOK LeHHbIx 6ymar 6ygeT pa3BHBaT6CSMeXneHHO. OJHaKo, ripoHcXoLIUgA5a B HaCTOMAIjHf MOMeHT npHBaTH3auHS Cpe,gHHX HKpYIHMIX npegnpHATHA Lipe3BbiqaHHo 6bICTpo rpHBegeT K riOqBjIeHHIO 6onbmuIoroKOJIH'eCTBa iueHHhIx 6ymar. B pe3yJTbTaTe Bo3HHKHeT Heo6XogMocTb ycKopeHHoroCO3gaaHHA 4OHXOBOrO pbIHKa, KOTOpbIfi 6bI cnoco6cTBoBaA pa3BHTH1O TOprOBnUH leHHbIMH6yMaraMH H 6pani 6bI nO, 3aiIAHTY HHBecTOpOB. 06iuee pa3BHTHe p6IHKa IeHHbiX 6yMarnOHXgeT HepaBHOMepHO, BbIABH4raA Ha nepeXHHfl iniaH TO OAHH, TO gpyrRe ero q)yHKiHH.

3. HcTopHmecKKI4 o6 30p. nlepBbIe 4)OHAOBbIe 6HPM(H B POCCHH OTKPbIJIHCb JIeTOM1991 ro)Ra. BcKope rio BceH CTpaHe pa6oTajo yKce 6onee COTHU 6HpK, B OCHOBHOM BMOCKBe, CaHKT-fleTep6ypre, Ha )ajibHeM BocToKe H Ypane. OnTHMH3M, C KOTOpbIM 6bIoBCTpeCqeHO HIOABJIeHHe 3THX 6Hipx, AOBOflbHO 6bICTpO cMeHHJICA pa3O'apoBaHHeM B CBA3Hc AeXDHIAHTOM nOJInb3ylOuIWXCA CHpOCOM ueHHbIX 6yMar, OTCYTCTBHeM o6IUerPH3HaHHOHnpaKTHKH Be,geHiH 6Hp>KeBoro geena H MaJIbIM KOjiH'eCTBOM HHBeCTOpOB. B pe3ymbTaTe,KYPC MHOrHX ileHHbiX 6yMar ynani HJIH He Mor ciiegoBaTTb 3a yPOBHeM HHdpjiASijH. 14 6e3TorO He3Ha'HTeJIbHbIlf o6BeM CgeJIOK, OCyigeCTBjL5eMbIX Ha 6Hpxce, pe3KO COKpaTHnCA, HMHOrHe onepauHH C LAeHHbIMH 6yMaraMH, nO Bceu' BepOATHOcTH, riepeCKoeBaiH HaHeoFHLJwajTbHbIlf, 'epHbIff pLIHOK. HeCMOTPA Ha TO, qTO B POCCHH TPYIHO nOJIyYHThHaCe)KHbIe CTaTHcTHNecKHe gRaHHbIe 0 COCTOSHHH pbIHKa TxeHHLIX 6ymar, no coo6IIeHHAMrLITH KpynHefiiIHX 3OHxAOBbIX 6Hpxc POCCHH, o6wHi o6LbeM Hx cgeJIOK CHH3HJICA c 81,3MJIH. py6neui (1,4 MJIH. goIijiapOB) B OKTA6pe 1991 roga go 5,1 MJIH. py6nefk (35 Tbic.gojijiapOB) B HIOHe 1992 rogaa.

74

4. B 1993 rogy IIpaBHTelJbCTBO COBMeCTHO C MOCKOBCKOH Meex6aHKoBcKofl

BaJIOTHOfi 6Hp)Kef rJIaHHpyeT y qpegHTb PbIHOK KpaTKOCPOqHbIX rocygapCTBeHHbIX

o6JIHraimHH. EciH HHBsecTopMi rioxgep)KaT 3Ty 4HHLKj4aTHBy, OHa MoxKeT cTaTb sBaXCHbIMMepOripHHTHeM rIO COBepiueHCTBOBaHHIO pbIHOqHbIX MeXaHH3MOB, yBeZJIHteHHIO o6beMa

cgejiOK H pa3bICHeHIE10 o6iLieCTBeHHOCTH xapaKTepa AeSTeiT6bHOCTH cjOHJOBOrO pbIHKa.

5. PbLIHOIHble CTpyICTypbI. 'DOHROBEbIe PbIHKH POCCHH CJIHUIKOM pa3HOMacTHbI H

o6fteAHMHOT Hed)OpMajibHbIl qaCTHbIf4 PbIHOK, (,OHxROBbIe 6HPJKH, 3OHXROBbIe OTAejibI

TOBapH-bIX 6Hpm H 4)OH,OBbIe OTXejibI 6aHKoB. rIo HMeIOiUHMCS CBegeHHMM, Ha

Hec1OpMajTbHOM waCTHOM p6IHKe, BO MHoroM HanIOMHHaiOwm HeopraHI 3OBaHHbIf pbIHOK,

coBepmiaeTcA ripH6JIH3HTeJIbHo 80 npouLeHTOB o6uRero iHcjia cgeJIoK. rIpaBga, cneguyeT

OTMeTHTb, iTO IIOKa He cyieCTByeT Ha4e)KHLIX OuIeHOK o6iixero o6¶beMa TOprOBLIX

oriepailHfi Ha POCCHEICKHX c1OH,gOBbIX pbIHKaX. K KOHLRY 1992 ro,Ra B POCCHH pa6OTajio 109O4HLuHIaJIbHO 3aperEiCTpHpOBaHHLIX 4)OH;tOBbIX 6Hp>K, o6CnYXMBaeMbix, IIpH

He3Ha'IHTenJbHOM 06obeMe cXeJIOK, 2 ThICXiqaMH COTPYXHHKOB. HeCMOTPS Ha TO, qTO B

CTpaHe HacxiHThIBaeTCA IIpH6JIH3HTeJlbHO 1700 6aHKOBCKHX y'peKXgeHHH, KOTOpbIe MoriH

6bI6 3aHSTb Ha (0OH,OBbIX PbIHKaX 6onee AgOCTOHHOe MeCTO, qeM jApyrHe y'aCTHHKH pbIHKa,

6aHKH riOKa HrpaIOT BeCbMa riaCCHBHYO pOJIB. rIpH 3TOM B3aHMOXefiCTBHe pa3JIH'HbIX

y'aCTHHKOB pLIHKa HaJiaxKeHO cna6o, qTO BegeT K He344"eKTHBHOcTH H HyTaHIHge B pa6oTe.

6. OrpoMHbIe IIpOCTOpbI POCCHH H KpazHHS Hepa3BHTOCTh CHCTeMbI

TeiieKOMMyHHKai.ifi ycyry6JISIOT pa3APo6JieHHOCTb 4pOHXOBLIX pbIHKOB. HIo BceH

BepOSTHOCTH, B 6nHxafiueM 6y;WyieM, 4OH,gOBbIe 6HpXKH H ApyrHe p1bIHOqHbIe crpyKTypbi

no-npexcHeMy 6yAyT XefiCTBOBaTb Ha perHOHanbHOM ypOBHe, He HpHePCHBaACb KaKHX-

nH6o o6uyerocygapcTBeHHbIx InpaBHIn HnH HOpM. 9To BO MHOrOM 0o6bAcHAeTCA TeM, 'To

npoLecc HpHBaTH3aL1gHH HpHBeAeT K CO3gaHHIo 6HpXK, TOprOBbIX KOHTOP H cnyXc6 rio

perHCTpaiEIH geHHbIX 6yMar Ha o6JiaCTHOM ypOBHe. rIpoteT HeKOTOpOe BpeMs, npeXeqeM o6iueHaIwOHaJIEHbIe HOPMLI H IIpaBHJIa yTBepAIqTCA Ha MeCTaX. TeM He MeHee, POCCHH

CIeAyeT B Ka'eCTBe gojiroCpoqHOH iejiH CTpeMHTbCX K BBegeHHiO CHCTeMbI HaHOHaAjLHbIX

CTaHgapTOB.

7. rpIH HanIHqHH OrpOMHOrO qIHcjia 6Hp)K H 6aHKOB, PoccHiR Bce Ke HCHbITbIBaeT

He,ocTaTOK XrPyrHX PbIHOqHbIX CTpyKTyp, TaKHX KaK TOprOBbI6 6aHKI, rieHCHOHH]Ie 4poHjbI,

HHBeCTHIIHOHHbIe (pOHAbI, CTpaXOBbIe KOMnaHHH H 6poKepcKHe 43HpMbI. TH CTpyKTypbI

OCyI1IeCTBJSIHOT 4(yHKUIHH MO6HJIH3aiXHHg OrOCpOqHbIX c6epeXeHHfI HcoCTaBjiAOT OCHOBY

pa3BHThIX PbIHKOB ieHHbIX 6yMar. Pa3yMeeTCX, B POCCHH CyieCTByeT OnpegeneHHoe qHCJIO

HHBeCTHJHOHHbIX 4JOHAOB, CTpaXOBbIX KOMnaHHH H 6pOKepCKHX 4)pM, HO OHH, B

OCHOBHOM, HaXOIHTCA B 3aqaTOqHOM COCTOAHHH H Tpe6YlOT 3HaqHTeJIbHoro pa3BHTHA.

CyrMecTBymoiUHe HHBeCTH4XOHHHbIe 4OHIbI - 9TO, B OCHOBHOM, MeJKHe OpraHH3aIWH, H

JIHiUb HeMHOrHe H3 HHX HMeIOT 6o0iee 10 HpOixeHTOB aKTHBOB B BHge LeHHbIX 6yMar,

6ojIIabi aqaCTm6 HX BJIO)KeHa B HeBHXKHMOCTTb, HHOCTpaHHYIO BaJIIOTY H HaiiH'HbIe xeHbrH.

9TH (oHAbi cnoco6Hb6 o6eCneqHTh JIHIUb OqeHB HH3KH3 i YPOBeHb 3aITbI HHBeCTOpOB H

He ripegOCTraBJIOT AOCTaTOqHOrO o6beMa HH43OpMaLHH 0 CBOef AeXSTenJIHOCTH H He

ny6JIHKYIOT CBOH 4)HHaHCOBbIe OTqeTeI. CyigeCTBy1owHe 6pOKepcKHe 4)HpMLI TaK)Ke

HeXOCTaTOqHO pa3BHThI H qaCTO XefCTBYIOT, He CqHTaICb C o6ieienpHHXThIMH CTaHAapTaMH.

75

MaCTO OHH He MOryT npeAnOXHTB AOCTaTOqHO KaqeCTBeHHbie yCJTyrH no ()HHaHCOBOMYaHaJI43Y HJIH KOHCYJIbTaLJHH no BOnpOCaM HHBecTHijHH; OHH TaKXe HepeAKO 3aBbIMaioTpacixeHKH Ha CBOH ycJlyrH.

8. EBIcTpBI6 XOxA ripHBaTH3aiHH B nocjiejHee BpeMM BIBenJ Ha CUeHy HOBIMH BHA4HHaHCOBbIX yqpexKeHHH -- qeKOBbIe HHBeCTHfHOHHbIe cOHRbI. O6BMSHO TaKHe 4oHgbiHa IIepBOM WTafie O6MeHHBaIOT CBOH avK.HH Ha Bay'epIl, KOTOP6ie 6B1IH pacnpoCTpaHeHbIcpeAH HacejIeHH POCCHH K Harazy 1993 roAa. Bay'epbi MoryT 6brm HcriOJIT63OBaHm AimrIpHo6peTeHHs aKgHfH npHBaTH3HPyeMMiX rocygapcTBeHHbIX npegripHsTHHi. BayqepHbIe4oHAgbI PerHCTPHPYIOTCI B MHHHcTepCTBe (IHHaHCOB H FOCKOMHMyweCTBe, H HXge3TenJIHOCTb Ha AaHHbIfl MOMeHT pernameHTHpyeTC3 yxa3aMH npe3HgeHTa CpegHcy1IeCTBYIOUWX orpaHHteHHi, HanpHMep, HMeeTCS 3anpeT BKJIaALIBaT6 6onee 5 rpoileHToBaKTHBoB 4oHAa B KaKylo-JIH6o OAHY KoMnaHHio a TaioKe orpaHH4eHHe Ha npHo6peTeHHe6oonee 10 ripoueHTOB aKIHRi KaKoH-31H60 KoMiaHHH. MaKCHMaMIHoe BO3HarpaxAeHHAynpaBuioigero 4OHAOM He MoxeT npeBbIi1aTb 10 npOleiHTOB OT pa3mepa ynpawmembixaKTHBoB 3a rog. K HacTosAueMy MoMeHTY 3aperHcTpHP0BaHO He MeHee 300 TWKHX (DOH,OB,rIpHqeM o6fem o6'bIBjieHHOi 3MmCCHH aKuHA cocTaBnsieT IIpH6JM3HTeJMHO 1 MnpjP.py6nefi. Co BpeMeHeM KOjiHqeCTBO XH3Hecrioco6HbIX OOHAOB MOxeT AOCTHHYTb TBIC3qH.OAHaKO, cymeCTByeT pA rnpo6nem, orpaHHqHBaIouJHX AeSTeJThHOCT6 HHBeCTHiOHHbIX4)OHAOB: eige He CO3AaHa o6igerocyAapcTBeHHaq CHCTeMa KOHKypeHTHMIX TOproB(TeHAepoB); He pa3pa6oTaHa CHCTeMa 6yxranTepcKoro yteTa geSTeJTEHOcTH 4OHAOB; HecyUyeCTByeT opraHH3OBaHHOh ceTH IIOriAOTOBKH y1paBnASoiIHx (DoHAaMH. Eionee noxpo06HoeOriHCaHHe SeKOBbIX HHBeCTHIUHOHHbIX 4pOHAOB HpHBOAHTCS B KOHile raHHoro IpHJIoXeHHS.

9. IIpaBoBaA 6a3a. POCCHACKIIA PbIHOK geHH]6X 6yMar AefiCTByeT B YCJIOBHSX 6bICTpomeH5IoIaeroc3i H KpaHHe 4parmeHTapHoro 3aKOHOAaTeJIbcTBa, CO3AaHHoro 3a nociieAHHeABa roAra. rIonoKeHgA, periiaMeHTHpy1oLHe AreSTfe3HOCT6 PBIHKa ixeHHmix 6yMar,pa36pocaHbI nO pa3HLIM 3aKOHOAaTeJTbHbHM aKTaM, npHSHTIM napJIaMeHToM,ripe3HAeHTCKHM yKa3aM H rfOCTaHOB31eHHSM pa3JIHWHbIX MHHHcTepCTB. CTa6HjmEHoepa3BHTHe PbIHKa UeHHbIX 6yMar I-OTpe6yeT HIOJIHOrO nepecMoTpa cyuyeCTBy1oLuero3aKOHOAaTeJIbCTBa HeCMOTpx Ha TO, qwO aTa M JIb MOxeT 6brrb gOCTHrHyTa HfyTeMBHeCeHHA IIOripaBOK B CyLieCTBY1OIIUHe 3aKOHb6, npenrOqTHTeiLbHEIM lpeACTaBlIAeTCAIIpHHS1THe eRHHorO 3aKOHa O pbIHKaX ixeHHbIx 6yMar B COqeTaHHH C BHeCeHHeMHeo6XOAHM]Ix H3MeHeHHf B ApyrHe 3aKOHbI, pernaMeHTHpypowiHe PbIHOqHylogeATeJTbHOCTb.

10. PerynHpoBaHHe H HaA30p. Bonb>UiaA iacT6 pbIHKa, a HMeHHO BHe6HpxKeBofpbIHOK, geHCTByeT B OCHOBHOM B YCJIOBHMX OTCyTCTBHA peryJIHpoBaHH4. OTKpi6rrocTHH4jOpMaUHH H 3aIgHTa HHTepeCOB KJIHeHTOB HaxOAATCA Ha OqeHb HH3KOM ypOBHe.HaJ.HqIHe 60IblUorO KOJIHqeCTBa qjOHAOBbIX 6HpX IOcTaBHJIo MHHHCTepCTBO 4rHHaHCOB,KOTOPOe TaK)Ke OCyueCTBJIMeT Ha6JI1OAeHHe 3a BI61nyCKOM 6o0bIIef Y1aCTH HOBbIX IleHHbIX6yMar, B OqeHb CRO)KHOe rOinO)KeHHe B OTHOLueHHH pa3pa6oTKH HOpM HX4yHKUHoHHpOBaHHA. (1OHAOBbie OTgeJlbl TOBaPHbiX 6HpX TaKwKe IBJISHOTCS o6beKTaMHjiHieH3HPOBaHHA H Hag3opa Co CTOPOHbl MHHHCTepCTBa c1HHaHCOB, XOTS CaMH TOBapHbIe

76

6HpxcH OTHOCITCS K BeAeHHIO AHTHMOHOnOflBHorO KOMHTeTa. B JII060M cnWyiae

OCyUxeCTBjieHHe Ha npaKTHKe peryjiHpyioLeIi geSiTeJIbHOCTH npegcTaBeTC BeCbMa

3aTpyXHHTeJIbHbIM, TaK KaK napjiaMeHT Ro CHX fnop He rPHHSAI 3aKoHa, no3BojisfloIIero

iip4BJIe'Ib K cyge6HOfH OTBeTCTBeHHOCTH H HaKa3aTb JIIHU, BHHOBHbIX B HapyIIIeHHAX Ha

PbIHKe LeHHbIx 6yMar. B HaCTOHigee BpeMS BJIaCTMM nlpHXOXHTCS B TaKHX ci"aSAX

6onBIIief '{acTbIo ripH6eraTb K yrOJIOBHOMY 3aKoHogaTeJIbCTBy. BiIacTSM npe,CTOHT

npeXnplHHMTb cepbe3Hbie ycH4iiH5 gnS o6ecnetleHHm npaB co6cTBeHHocTH MeJIKHx

aKIHOHepOB, ARA CBeLeHHA K MHHHMYMY H pa3peiiieHHA CHTYaUHfl, CBS3aHHBIx C

KOH4)JIHKTOM HHTepeCOB, H X,I Ha6Ino0eHHs H o6ecriegeHHA OTBeTCTBeHHOCTH

ynpasBjIOUIHX KOMnaHHSMH 3a HapyineHHe HHTepeCOB TeX, no qb]My riopyqeHHIO OHH

Aef1CTByIOT (4HyuiHapHoH OTBeTCTBeHHOCTH).

11. Cnpoc U npeuioxKeHme ueHHbIX 6ymar. Ha gaHHbIH MoMeHT 6onMbaA qacTb

LeHHbIX 6yMar, KOTHPyeMbIX Ha qIOHXROBbIX 6Hp)xK, BbilnyieHa POCCHuCKHMH 6aHKaMH,

CTPaXOBIMMH KOMnaHlH MH H CDOHAOBbIMH 64pXKaMH. OxcH;xaeMas B 61HxKaHIIIee BpeMS

npHBaTH3aiUH CpegHHX H KpynHbIX npegripHSTHHt 3HaqHTeJTbHO YBe3IiHHT H pa3HOO6pa3HT

flpeIJIO)KeHHe ueHHbiX 6yMar. O;XHaKO HeMaJiaAI aCTb aKIHii 9THX 4)HpM cTaHeT o6berroM

XOJIrOCPOxHbIX HHBecTHHiji co CTOPOHbI HX CJ3y)KxauHX H yHpaBJISIOtHX. BeposTHo 3TO

ripHHBeeT K orpaHHweHHIO KOJIHMeCTBa aKJZHA, o6pagaoiWxcsA Ha pbIHKe. Y mHorHx

HPHBaTH3HPOBaHHbIX (DHpM B03HHKHeT 1lOTpe6HOCTb B peKafTHTaRH3aLjHH, H qaCTb H3 HHX

morna 6bI B I1OHCKaX HCTOqHHKOB 4)HHaHCHpOBaHHA o6paTHTbCS Ha pblIHOK Ka=MTanOB,

CO3AaBaS 9THM CaM6IM BaJKHbIHI HCTOqHHK HOBbIX aKiWHi. O,XHaKo, roCToSCHHoe HanHtHe

geEImeBbIX KpegHTOB H36aBHT HX OT Heo6xo;HMoCTTH HCKaTh HCTO'qHHlKH 4mHaHCHpOBaHHA

Ha PbIHKe H OrpaHHqkHT nOTeHLUHfanbHYIO B03MO)KHOCTB yBenjHqeHHS KOjIHqeCTBa aKILH.

12. HeXBaTKa qaCTHorO KariHTaJia, KOTOPblkT Mor 6bi 6Gm HHBeCTHPOBaH B IeHHbIe

6yMarH, o6¶bAcHAeT HbIHeIIIHHlH cJia6bI6i cnpOC Ha HHX. PYKOBO;xWTeJiHM rlpHXOrHTCS

CTaJIKHBaTmCA C HegOCTaTKOM XROBepHAS HHBeCTOpOB rpaKTHtIeCKH KO BCeM 4?HHaHCOBbIM

yqpexKgeHHAIM. rIOHH4MaHHe o6igecTBeHHocT]6o POJIH H kxeATen6HOCTH 6aHKOB H

HHBeCTHLUHOHHbIX 4)OHAOB a TaK)Ke pa3JIHkHbIX BHkOB 4)HHaHCOBbIX HHCTpyMeHTOB

HaXOAHTCS Ha HH3KOM ypOBHe. CpekH ,XpyrHx ripHqHH, ipenSTCTByIOLHX pa3BHTHIO

HHBeCTHkHflI B LieHHbIe 6yMarH4, MOXHO Ha3BaTb He,xOCTaTOK HH4)OpMaUHH 0 KOMraHHAX,

OTCyTCTBHe CTTaHXaPTOB 6yxranTepcKoro y t eTa H ay;XHTOpCKOf4 gefTfenbHOCTH H

He;OCTaTOqHaM 3aiJHTa kHHTepeCOB MejiKHX AepxaTeneHi aKyuHf.

13. BwaiuaMme 3ajAaqn. B 6IiHKcafiiiHe HeCKOJIbKO MecsiueB HeO6XOAHMo H3XaTb

3aKoHbl, OnepaTHBHbIe HHCTpYKLHH H4 CO3;xaTb opraHbl JIA o6IierqeHHA npoifecca o6MeHa

npIHBaTH3aLKOHHbIX BayqepoB Ha aKiJAHk KOMHaHH Hkl npegriLpHTHkl. rIpogaJKa Ha ayKIUHOHe

ripeWIpHATHH a TaKiKe c6op, JIHKBHXaILakLA H KJIHPHHr BayqepOB ripSMO rIpeCXYCMOTpeHLI B

npHBaTH3a9HOHHO l nporpaMMe. OAHaKO Heo6Xo;xMo npegycmOTpeTb npolxeiypbi H

YCJIOBHAI paCnpe;XeieHHA, perHHCTpaHH H nepeBoga aKUHil KOMHaHHHk. To, KaK 6yxeTOCyIIxeCTBJIMTbCM yIpaBJIeHHe B o6naCTH UeHHbIX 6yMar Ha HaqaJIbHOM WTane, onpegeJiHT

xapaKTep pOCCHklCKHX DOH;XOBbIX PbIHKOB Ha MHorxe roxbI Bfiepe;X. ro mepe pa3BHTHA

npHBaTH3aLjHOHHoro npouiecca 6ygeT OieHb BaMXHO pa3pemlIaTb BCe BOHPOCbI, CBA3aHHbIe

C geHHbIMHA 6yMaraMH, OpHeHTHpySqCb Ha ;OIorOCpOqHyiO nlepcrieKTHBy. UeJIOCTHOCTb H

77

9(P(PeKTHBHOCTb PbIHKa LgeHHbIX 6yMar 6y,gyT OKa3bIBaTb BJIHMHHe Ha 9KOHOMHKY POCCHHH nocne Toro, KaK 3aBepUlHTCA npoulecc nIpHBaTH3aLjHH.

14. CJiegyioiHe TeXHHqeCKHe 3aAaqH n1Pe,ACTOHT PeUIHTh B 6niHxcafIieM 6ygyuYeM:(a) oripegeJ=Tb MHHHMajTbHbIe HOTpe6HOCTH B aKHOHepHbIX cepTHcEHKaTax; (6) co3gaTbpeecTpOI aKgHOHepOB; (B) pa3pa6oTaTb CTaHgapTHYI0 AoKyMeHTaiHiO rio nepexate aKIHfi;(r) n1O,grOTOBHTb Ka.gpbI perHCTpaTOpOB H areHToB IO riepexaqe aKEHfi; (Ai) yKpeIIHTbroCyARapCTBeHHoe peryniHpOBaHHe H KOHTPOJIb. B HacTosAiee BpemA MDK peniaeT 9TH3a,AaqH B HeCKOJIbKHX o6iacTAix c 1.eNbmio o6nerHTb rpoiecc rpHBaTH3ailHH. 3Ta pa6oTaIHPOBOX;HTC31 COBMeCTHO C (egepaJbHbIMH H MeCTHbIMH opraHamH ynpaBJleHH, a TaKKe cwaCTHbIMH opraHH3aUHAsMH.

15. Heo6XOAlHMO orpaHHEHTb gaJIbHeHUIHH pOCT qHcjia yqaCTHHKOB PbIHKa HIIOAHS1Tb HX ripo(DeCCHOHaJIbHbIl ypOBeHb. CnIeAyeT OrpaHHqHTb BbIXgaqy iHleH3Hf HOBbIM4OHXAOBbIM 6HpKaM. KoJI4HieCTBO 64pxc cjiegyeT yMeHbEL1HTb 1IyTeM CJIHASHHH HrioriOnIeHHfH. Bpw JIH MOxKeT 6bTb onpaBmHo CyiIeCTBOBaHHe OTgejiOB ULeHHbiX 6yMarIIpH ToBapHo-cbIpbeBbIx 6Hp)Kax. Hx Heo6xoAiMo JiH60 roCTerieHHO ynpa3fgHHTm, 1H60crioco6cTBoBaTb HX CJIHASHHIO C CyWeCTByiOijiHMH 6Hp3KaMH LeHHbIX 6ymar.

16. Ycriex B C03XaHHH 94XeKTHBHbIX PbIHKOB ileHHbIX 6ymar BO MHoroM 6yXeT3aBHCeTb OT HeCOMHeHHOf IIOJIHTHYeCKOfi rio0gePxKH Co CTOpOHbI IIpaBHTeJIbCTBa. PbIHOKixeHHbIX 6yMar cJIeAyeT paCCMaTpHBaTb KaK qaCTb 4)HHaHCOBorO CeKTopa HapaBHe c6aHKOBcKHM. Ha ripaKTHKe 9TO O3HaYaeT, qTO nPaBHTejibCTBO AOJDKHO Ha3HaqaTb XIAKOHTpOJID HaA pbIHKOM ixeHHbIX 6ymar BbICOKOIIOCTaBjieHHOe OCsHLHajibHoe JIHIO TaKOrOKce paHra, XTO H nipegcegaTeJIb IlpaBJIeHHx UIeHTPaJIbHOrO 6aHKa.

17. Bonpocbl cpeAHecpolIHO flepCfleICHrBbI. B cpexRHecpoqHoi nlepCeicKTHBeHeo6xoAHMo o6eciieHTb AaJIbHefuee pa3BHTHe pbIHKOB LeHHbIX 6yMar nyTeM pa3pa6oTKHCOOTBeTCTBYIOIUHX 3aKOHOAaTeJIbHbIX aKTOB, ripaBHJI H CO3AaHHA pbIHOYHbIX HHCTHTyTOB.B HaCTO=ee BPeMS MDK COTPYAHHRaeT C pAXOM rOCygapCTBeHHbIX BegOMCTB B yuejiAxpa3pa6oTKH 3aKOHOXgaTeJIbCTBa. B gaRbHeHflieM riiiaHHpyeTCM BbIlyCK HHCTPyKuHH HCo3,raHHe COOTBeTCTBYIOILHX HHCTHTYTOB. rpIHOPHTeTHOH 3a,gaqefi ABJISAeTCA pa3pa6oTKaH IIpHHMTHe naKeTa 3aKOHOAaTenbHbIx aKTOB rO ixeHHbIM 6ymaraM, OXBaTbIBa1ougero6HP)KH, BMInYCK ixeHHbiX 6yMar, TOprOBJIIO HMH, CO3AaHHe HHBeCTHIlHOHHbIX noCpeAHHKOB.9TH 3aKOHbI AOJDKHbI IIpOYHO YBI3blBaTbCA C pyri'HMH YaCTAMH 3aKOHO;IaTeNJbCTBaPOCCHftCKOf cFegrepaJHH, BKjIOqSaA 3aKOHOAaTenJbCTBO O npeAnpisAT1H, KOMMepqeCKH1KO,eKC H 3aKOHOXLaTeJIbCTBo no 6aHKaM. HOBbie 3aKOHOXgaTeJIbHbIe aKTbI cnie;xyeTpa3pa6aTbIBaTb TiUaTeJIbHO H He creLia, C TeM qTO6bI OHH COOTBeTCTBOBaIiH pOCCHfiCKHMyCJIOBHAM.

18. BBeAeHHe, HcnoJIHeHHe H KOHTPOJIb 3a HCrIOJIHeHHeM 3aKOHOgaTeJ1bHbIX aKTOB0IO ixeHHbIM 6yMaraM He AOJI>KHbI 6bITb nepeg,aHbI B pa3JIHtHbIe rocygapCTBeHHbIe

BegoMCTBa, a AOJDKHbI 6bITb COCpeAOTOx{eHbI B pyKax eAHHoro opraHa, OTBeTCTBeHHorO 3aileHHMIe 6ymarH H 6Hp)KH. 3TOT opraH XOjDKeH 6bITb He3aBHCHMbIM H XOjDKeHr1OJTb3OBaTbCA gOCTaTOqHOf CTeiieHbIO CaMOCTOATeJIbHoCTH B CTpyKType HpaBHTeJIbCTBa C

78

TeM, qTO6bI B BbIIIOJIHeHHH CBOHX 43yHKgHH OH 6bIn 6bI CBO6ogeH OT BHeEUHHX

InIHTH,qecKHx Bs4AHHI. YKa3 ripe3HfeHTa POCCHHCKOf DeAepartH1 OT oKTI6pq 1992 roAa

nIpe[yCMaTpHBaeT C03gaHHe Aji 9TOf geiiH npe3HAeHTCKOH KOMHCCHH, OxHaKO, KOMHCCHA

AO CHX nop He yKOMmJneKTOBaHa, H pa6oTa B AaHHOf o6nacTH npaKTHqeCKH He BegeTCA.

Heo6xoHMo pe1lHTb opraH3aHHHbie BOnpOCbI, BKJIIOqaJ BOnpOC O nOJIHOMO'HAX

yKa3aHHoro opraHa, OCHOBax ero nlOJIHTHKH, CTpyKTYP6I H nOTpe6HOCTI B arraTaX.

Heo6xo,HMo TaKJKe opraHH3OBaTb TeXHHqeCKoe o6yqeHHe ero 6yXywiHx pa6OTHHKOB.

19. AeSiTeNJTHOCTb 6aHKOB Ha PbIHKe UeHHbIX 6yMar AO=XHa peryIHPOBaTbCM TaKHM

o6pa3oM, qTo6bI o6ecne'HTb paBHbIe yCnOBHA guA 6aHKOBCKHX H He6aHKOBCKHX

nOcpeXHHKOB. HeorpaHHqeHHas ponb 6aHKOB Ha PbIHKe geHHMIX 6yMar qacTo CXepIxHBaeT

pa3BHTHe pbIHKa, nOCKOJIbKy 6aHKH IIpeAnIIOqHTaIOT KpaTKOCPOqHbIe CCyXbI rTpHo6peTeHHIO

aKHf. flo 9TO IIHpHqHHe Heo6xoAHMo CTpeMHThCSI OrpaHHqHTh pOJib 6aHKOB Ha pLIHKe

ileHHbIX 6yMar, XOTS IIPH 9TOM HY)KHO YtqHTbIBaTb o6 WylO CHTyaIHIO B 6aHKOBCKOh

CHCTeMe B POCCHH. KaK MHHHMYM, OT 6aHKOB HYXKHO Tpe6OBaTb C03gaHHA

CrieiuaiH3HpOBaHHbIX (bHnJHaJIOB JIAS Toro, 'ITo6bI OTAejIHTb onepaUH1 c ueHHbIMH

6yMaraMH OT KpeAHTHMiX onepa1AHI.

20. npH HaiiHIHH COOTBeTCTBy1OIIefI npaBOBOI H perYJIMITHBHOf 6a3b1 PbIHKH

ixeHHbIX 6yMar iiojiyqaT 3HaqHTeRbHYIO BbIrOXy OT yBeJiHqeHHA BLIIIYCKa UeHHbIX 6yMar.

3TOMy ripoileccy 6yAeT cnoco6CTBOBaTb CO3AaHHe pEbIHOqHbIX HHCTHTYTOB, TaKHX KaK

6pOKepcKiHe 4HpMLI H OpraH3azuH HO pa33MeIIeHI1O IeHHbIX 6yMar. B PoccHH

6pOKepcKHe 4¢PMbl AOJIKHbI HpO1ITH ryTb OBOHIOIJHH OT MeJIKHX KOHTOP C HH3KHM

YPOBHeM K TanKTaRH3aHH AO BbICOKOKarIHTaJIH3HPOBaHHbIX 4)HpM C 4bHJIHajiaMH no

06CJyIXHBaHHio KIHeHTOB nO BCefi CTpaHe. 3TH )HpMbI noMoryT CTHMYJTHPOBaTh npoAaxy

HIpe,IIpII1THIMH CBOHX LeHHLIX 6yMar Ha pbIHKe H XOHeCTH Xo nOTeHUHaJLHLIX

HHBeCTOPOB HH(DOpMaIH1O 0 BbirOAaX BKjiaga B UeHHbIe 6yMarH. AHAepafrTepbI (rapaHTbl

pacnpocTpaHeHHA aKMHIi no nognHcKe) TOprOBbIX H HHBeCTHUHOHHbIX 6aHKoB, KOTOpbIe

B HacTOAIWee BpeMA npaKTHqeCKH He cYUeCTBYIOT B POCCHH, IIOMOrYT B pa3BHTHH PLIHKa

IIyTeM npeAno)KeHHS HOBbIX iLeHHbIX 6yMar H 6yAyT CTHMYflHpOBaTb npeInpsATi

nipHBJIeKaTb cpeACTBa InyTeM OTKpLITO6 II poga)H geHHbIx 6yMar.

21. rIo mepe pocTa npe,i.oxeHHA UeHHMix 6yMar OCHOBHoe BHHiMmHH Heo6xoWRMo

ygeJIiHT CTHMYJIHPOBaHH1o cnpoca Ha HHX. Peuia1oIIXHM B 9TOM OTHOIIeHHH4 IBHTCS

pa3BHTHe HHCTHTYUHOHaJTbHLIX HHBeCTOpOB. CTpaxOBbIM KOMHaHHAM, neHCHOHHbIM

(4OHxaM, 4bOHAaM HHBeCTHUHOHHbIM H ApyrHM HHCTHTY1IHOHaJibHbIM HHBeCTOpaM

HeO6xOAHMO OKa3bIBaTh noAAep)KKy nlyTeM BBeAeHHA COOTBeTCTBy)OIIefI HajiorOBOiz

InOJIHTHKH H 3aKOHOAaTeJnbCTBa. 9TH y'pex ReHHA AOJIXKHbI nOJIyqHTi6 npaBO flOKynaTb

1eHHbIe 6yMarH nIo mepe TOrO, KaK COBepuieHCTBYIOTC5I MeTOXbI 6yxrajiTepcKoro yteTa H

HOPMbI OTqeTHOCTH.

Distributors of World Bank PublicationsARGENnNA TheMiddleEastObsrver KENYA SOUTH AFRICA, BOTSWANACarlos Hirsch, SRL 41. Sherif Street Africa Book ServiceMM E ALd. For singi tikt:Galeria Guemes Cairo Quaran Housw, Miangano Stwt Oxford University PrewFlorida 165.4th FioorOk. 453/465 P.O. Box 45245 Southern Africa1333 Buenos Aires FINLAND Nairobi P.O. Box 1141Akatnaminen Kirpakaupps Cape Town 8000AUSTRALLA. PAPUA NEW GUINEA. P.O. Box 128 KOREA REPUBLIC OFFIJI, SOLOMON ISLANDS, SFOOtOI Helsinki 10 Pan Korea Book Corporadon For subwrrto ordes:VANUATU, AND WESTERN SAMOA P.O. Box 101. Kwangwharnun Intemational Subscription ServiceDA Information Service FRANCE Seoul P.O. Box 41095648 Whitehors Road World Bank PubllaUons CraighallMitcham3132 66. avenue dlms MALAYSIA Johannesburg 2024Victoria 75116 Paris University of Malaya Cooprative

Bookshop, Limited SPAINAUSTRiA GERMANY P.O. Box 1127, Jalan Pantal Barm Mundi-Prensa Ubro S.A.Gerold and Co. UNO-Verlag 59700 Kuala Lumpur Castello 37Graben31 PoppeLsdorferAlIeES 28001 MadridA-1011 Wien D-300 Bonn I MEXiCOINFOTEC Lilbreria Intemiacinal AEDOSBANGLADESH HONG KONG, MACAO Apartado Postal 22-860 Consell de Cent 391Micro Industries Development Asia 2000 Ltd. 14060 Tlalpan Mexico DF. 08009 BarcelonaAssistance Society (MIDAS) 46.48 Wyndham Street

House S. Road 16 Winning Centr NETHERLANDS SRI LANKA AND THE MALDIVESDhanmondi R/Area 2nd Floor De Undeboom/InOr-Publikaties Lake House BookshopDhala 1209 Central Hong Kong P.O. Box 202 P.O. BoX 2447480 AF Hasbren 100. Sir Chittampalam A.B.wnchofficw INDIA

Gardiner MawathaPine View, 1st Floor Allied Publishers Private LkL NEW2ZEALAND Colombo 2100 Agrabad Conmerl Arm 751 Mount Road EBSCO NZ Ltd.Chittagong 4100 Madras -600 002 Private Mail Bag 99914 SWEDENNew Market For single title:76. KD.A. Avenue Brench offiS: Auckland Fritzes FackboksforetagetKulna 9100 15 J.N. Heredia Mrg Regeringsgatan 12. Box 16356Ballard Estate NIGERIA S-103 27StockholmnBELGIUM Bombay -400 038 University Press LimitedJean De Lannoy Three Crowns Building Jericho For subscriptw oner:Av. du Roi 202 13/14 Asaf Al Road Private Mail Bag 5095 Wennergren-Williams AB1060 Brussels New Delhi -110 002 ibadan P.O. Box 1305

S-171 2S SolnaCANADA 17 Chittaranjan Avenue NORWAYLe Diffuseur Calcutta -700 072 Narvesn Wormation Center SWITZERLANDCP. 85 1501 rue Arnp&re Book Department For single littmBoucherville. Quebec Jayadeva Hosel Building P.O. Box 6125 Etterstnd Librairie PayotJ4B SE6 5th Main rtRoad. Candhinar N-0602 Oslo 6 Case postale 3212

Bangplore -560 009 CH 1002 LausanneCHiLE PAKISTANInvertec IGT S.A. 3-5-1129 Kachiguda Mirza Book Agency For subfcrftw. ordr:Av. Santa Maria 6400 Cross Road 65. Shahrah-e-Quaid-e-Azam Librairie PayotEdifido iNTEC Of. 201 Hyderabad -500 07 P.O. Box No. 729 Service des AbonnementsSantiago Lahore 54000 Case postale 3312Prarthana Flab, 2nd Floor CH 1002 LausanneCHINA Near Takor Baug Navsangpum PERUChina Fmiancial & Economic Ahmedabad -380 009 Editorial Desarrollo SA THAILANDPublishing House Apartado 3824 Central Department Store8, Da Fo Si Dong Jie Patiala House LirnU 1 306 Silom RoadBeijing 16-A Ashok Mrg Bangkok

Lucknow -226 001 PHILiPPINESCOLOMBIA International Book Center TRINIDAD & TOBAGO, ANTIGUAInfoenlace Ltda. Central Bazaar Road Suite 1703. Cityland 10 BARBUDA, BARBADOS,Apartado Aereo 34270 60 ajpj Nagar Condominium Tower I DOMINICA. GRENADA. GUYANA,Bogota D.E. Nagpur440010 Ayaia Avenue. H.V. dela JAMAICA, MONTSERRAT, ST.

costa Extension KIlS & NEVIS, ST. LUCIA.COTE D'rVOIRE INDONESIA Makati, Metro Manila ST. VINCENT & GRENADiNESCentre d'Edition et de Diffusion Pt Indira Limited Systernatics Studies UnitAfricaines (CEDA) Jalan Borobudur20 POLAND #9 Watts Street04 B.P. 541 P.O. Box 181 International PublishingService CurepeAbidjan 04 Plateau Jakarta 10320 Ul. Plekna 31/37 Trinidad. West Indies00.677 Warzawa

CYPRUS IRELAND TURKEYCenter of Applied Research Government SuppUee Agency For sukcrftios ordes: InfotelCyprus College 4-5 Harcourt Road IP5 Journals Narlabahqe Sok. No. 156, Diogenes Street, Engomi Dublin 2 UL Okrzna 3 CagalogluP.O. Box 2006 02-916 Warsawa IstanbulNicosia ISRAELYozmot Uterature Ltd. PORTUGAL UNITED KINGDOMDENMARK P.O. Box 56055 Uvrria Portugl Microinfo Ltd.SamfundsUtteratur Tel Aviv 61560 Rua Do Carmo 70-74 P.O. Box 3Rosenoerrts Al16 11 1200 lisbon Alton. Hampshir GU342PGDK-1970 FrederiksbergC ITALY EnglandLicosa Commistionaria Senao SPA SAUDI ARABIA, QATARDOMINICAN REPUBLIC Via Duca Di Calabria, 1/1 Jarir Book Store VENEZUELAEditora Taller. C. por A. Casella Postale 552 P.O. Box 3196 Llbreria del EsteRestauracion e Isabel la Catolka 309 50125 Firenze Riyadh 11471 Aptdo. 602337Apartado deCorreoe 2190 Z-1

Caracas 1060-ASanto Domingo JAPAN SINCAPORE£ TAIWAN,Eastern Book Service MYANMAR,BRUNEI

EGYPT, ARAB REPUBLIC OF Hongo 3-Chorne, Bunkyo-ku 113 Information PublhcsdonsAl Ahram Tokyo Private, Ltd.Al Celaa Street Golden Wheel BuildingCairo 41, KalIsAg Pudding e04-03Singapor 1.34

IBRD 25498

f [ &< bTF U.S.A.

-UITED,

%

qo>Hial!- KINGOCMeai

-

East ,.

A R C T IC r F A N Siberinon

North-

o

-NORWAY v 5Z;C-'._ -2'

'

, DE "rRKi <,.

/LOpte F / -4

Sea

Gulf of ~~~~~~~~~~~~~~Kaira

SeaSea -,

L_ Balt'c FINLAN

. -t

/

§ iF t4 OSCOW0 % jSea

| =r . \ '-. ws = R U S S I A N F E D E R A T0 l O Nt . '-n . |~~~~~~~.K-N ~ ~ >

OLAND~~~~~~~~~~~~~~~~~ |-- .- Y~6' Q , ' , ! _Sec

BE'AS ' -- C Okhotsk

z~~~~~~

r t w - > \ > j} \ MONGOLIA | | ~~~~~~~R U S S I A N F E D E R A T I O N

f \ t>MERUSISAN FED-4S NERNATIONALONDRE MIESo0

BlockSea

TURKEY O

GEN \IA -4

L

ARMENIA KAZAKHSTAN

SYRIA ~~~AZER131,4JAN

IRAQ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*INTERNATIONAL CAPITAL KILOMETERSO 0

IRAQ - ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~INTERNATIONAL BOUNDARIES

TURKMENITNMILES

o6 400

CHINA Th. b-udaris, dcolors,. danoialn and on .orbs rrf

ISLAMAIC REP OF IRA

sh-~o on thi. nrop do -ot zgn .rr Zr por oTra Word Book Gm

w ojdgnr-t o the ea. any;V terrtor orry e .odoLato

or ccpton- of suh budaris..

DECEMBER 1993

I

!

.

U

I

U

U

I

U

*,---:,; , l~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

.,,,, ..i | i,, t.i''"! ''il ,,' Sl ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~i '; '; ,,i .z

_~~~~~~~~~~~~~~~~~~~~~~~~~~